You have to hide the column at the grid view control rather than at the data source. Hiding it at the data source it will not render to the grid view at all, therefore you won't be able to access the value in the grid view. Doing it the way you're suggesting, you would have to access the column value through the data source as opposed to the grid view.
To hide the column on the grid view control, you can use code like this:
dataGridView1.Columns[0].Visible = false;
To access the column from the data source, you could try something like this:
object colValue = ((DataTable)dataGridView.DataSource).Rows[dataSetIndex]["ColumnName"];