Solution
Ultimate method for GPWS control -
Open up the settings -> controls -> buttons menu in FSX.
Select 'systems' in the event category drop down
Find an assignment called 'GPWS(Toggle)'
Assign a key to this and you'll be able to silence the GPWS system at will.
In trying to find a key for this, I assigned SHIFT + W
It works!!!
Also a video on how to do this.
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