I have several lists having all the same number of entries (each specifying an object property):
property_a = [545., 656., 5.4, 33.]
property_b = [ 1.2, 1.3
Assuming you only have the list of items and a list of true/required indices, this should be the fastest:
property_asel = [ property_a[index] for index in good_indices ]
This means the property selection will only do as many rounds as there are true/required indices. If you have a lot of property lists that follow the rules of a single tags (true/false) list you can create an indices list using the same list comprehension principles:
good_indices = [ index for index, item in enumerate(good_objects) if item ]
This iterates through each item in good_objects (while remembering its index with enumerate) and returns only the indices where the item is true.
For anyone not getting the list comprehension, here is an English prose version with the code highlighted in bold:
list the index for every group of index, item that exists in an enumeration of good objects, if (where) the item is True