Most of the effects are image files, so yes it is. Just make them transparent.
But how would you find out which of the many many image files you're looking for?
Example: the notes coming from stereo's. Been looking through all sorts of tuning resources, but I basically got no idea what it's instance/group etc would be
It was my understanding that we still aren't able to edit VFX for TS4 yet. I think you should be able to remove them though by editing the object tuning that calls them or by altering the animation file. This is beyond my knowledge though as all I have ever done with VFX is move the position of them, not remove them completely.