Yup, you can create as many userlists as you like and as many Joomla menu items to those userlists as you like.
To have your userlist only display specific users you'll need to use the Filters feature. Click the "Advanced" option under Filters tab of the userlist. Next use the below to filter down to only specific users.
Code:
ue.`id` IN ( USER_IDS_HERE )
Replace USER_IDS_HERE with a comma list of user ids. Example as follows.
Code:
ue.`id` IN ( 20, 30, 58, 91, 1001 )
Alternatively you can create a new Joomla usergroup for this. Assign that usergroup to the users you want displayed then under the Global tab select that usergroup for the "Usergroups" parameter.
Another alternative is you could create a new checkbox field in CB > Field Management. Then under the Filters tab select the "Basic" option and add a filter for your checkbox field to be equal to 1. This would allow per-profile display selection in the userlist and offers some additional flexibility.
As for menu items create a Joomla menu item with a menu type of Community Builder > Userlist type then in the "List ID" parameter supply the ID of the userlist you want it to display.