The Virus Console would be what you see when you've double-clicked the taskbar icon to open SecurityCenter and then clicked Virus and Spyware Protection and subsequent sub-sections.
However, in the current Home product it isn't possible to exclude anything from a scan unless it is identified as a PUP (Possibly Unwanted Program).
The solution would be to remove that to external media, perhaps.
The beta 2011 product, currently being publicly tested and available HERE has file exclusions in manual and scheduled scans, but not real-time scanning.