From the FM, (Users guide, revision K, bottom of page 8-1)
"The autopilot’s Level Mode (or Straight and Level Mode) will immediately attempt to reach zero
vertical speed and a roll angle of zero. It will not attempt to fly the aircraft to any previous
altitude or track and it will not respect any bug inputs. When activated, Level Mode will cause
the autopilot to engage if it was not already engaged."
Unfortunately for the OP's purpose, this eliminates any heading control which probably will be undesirable. I think the first suggestion of selecting vertical speed on the autopilot and setting that to zero would work better, as it also allows heading or nav functions to be used for directional control.