No, it is not possible to suppress the display of the 583 field of a bib record in a Z39.50 search. It is viewable to anyone who retrieves the bib record.
See: https://www.loc.gov/marc/bibliographic/bd583.html
In a Local Holdings Record an LHR with a 583 2nd indicator of zero, the field will be suppressed for everyone other than the institution that owned the record, or their agent. Users cannot retrieve LHRs via Z39.50