The Out of Stock Notification extension offers a set of ready-made templates like 'out of stock email' or 'stock notification email', which can be customized if needed. If you want develop your own notifications read on.
Yes, with this extension you can enable the stock alerts block for all products by default and disable the display for particular items. If you need the out of stock disable, you should make some changes in the general product imformation. Follow the link below to see all the details.