Yes can be done updating "Bill only UB04" in payor. Once is checked the payor will be billed only on UB04 and not in HCFA 1500.
Navigate to Manage Data>>Manage Payors
Add a new Payor or Edit an existing Payor. Check mark "Bill only UB04:". The respective payor will be billed only on UB04 and not in HCFA 1500.
The patient in the below screen shot is assigned a payor that can only bill UB04. So the same bill cannot be generated in HCFA 1500.