Yes.
You will need to add conditions into the forumhome_forumbit_level1_post forumhome_forumbit_level1_nopost and forumhome_forumbit_level2_post to check that the forumid is not the one that you want to hide.
I haven't tested it, but sticking
Code:
<if condition="$forum[forumid] != x">
at the start of these templates and
at the end of them (remembering to replace x with the appropraite forumid number) should work.