Yes. /etc/hotplug.d/dsl/led_dsl.sh looks for the LED configured as led_dsl in the system config and uses it directly to signal DSL status changes.
In /etc/config/system, rename or outright remove led_dsl in the LED config section (just the name in single quotes, though, the section itself needs to remain!):
config led 'led_dsl'
(...)
into:
config led
(...)
The hotplug script will then not find and consequently not control it anymore. This has to be done on the command line, LuCI has no mechanism to edit the config section name.