Is it possible to delete a update from the hide section of Windows Updates, or will it continue to be offered if I do? I do not want this patch.

Yes I did. It's that Intel Processor Reliability Patch KB926357. I updated my Bios instead. I really would like to get rid of it.

@michael: I think Windows Update would probably offer it again as after uninstalling it, the system patch state would be the same as before.

@David: If you hide the update it should stay in the "Restore Hidden Updates" section and shouldn't show up as a update to be installed any more.
If you don't want it in the "Restore Hidden Updates" section, I don't think you can hide an update and have it not in that section.