Just a follow up...
I did manage to get a solution from CA and I did some tweaking to come up with the final solution.
1. Copy the 0x00010017 event to 0xfff00003. (That was the next available Event Code)

2. In Event Code 0x00010017. Change the Severity code to None.

3. Go to Event Rules and create a Event Condition.
Now we are going to NOT create an event if there is an SNMP Authorization Failure, if the source is 1.1.1.2. Here you can nest the various IP addressees that you want to ignore with the use of the OR function.

4. Now we are going to add a 2nd line to the Event Condition that will tell us to generate Event 0xfff00003. There is no need to edit 0xfff00003 and make sure you Copy Event Variables (All).

5. Make sure you Save All.
This is what everything should look like:


IMO, The solution was not user-intuitive and I think that CA should look at fixing it. Unfortunately I do not see that happening because it would more than likely break all the written current event rules, unless CA adds a event rule converter.
I hope that this helps
Stephen