Hi @xinator
I believe you can show or hide it as you want. You can check if the field contains a value like this:
$the_field = get_field('custom_field_name');
if($the_field){
// do whatever you want to do with the custom field
}
Please take a look at this page to learn more about it: http://www.advancedcustomfields.com/resources/code-examples/.
I hope this helps.