Yes it is, but no one here will know how - since this is mostly a PC FF7 forum. If someone here does know R3000 assembly, they'd still have to work it out for you. The swirl is handed as a separate "module" kind of. It has its own specific function, like the field, wm, minigames, battle.
You're better off asking on a forum dedicated to PSX game programming.
I could easily disable it for PC.