Yes, I tried it before. Gave "HU - No Crosshairs" the highest priority, but it seems it has no effect in the game. "HU - No Reticules" disables all reticules, and "HU - No Scopes" disables all long distance scopes, so that is not what I want. I kind of worked around that by using key F9 which is by default bind to "remove all HUD" and that includes ALL reticules, everything, when I want. With ACOG I remove everything when I am not sighted, and enable it only when sighted, for maximum realism.
As for the red pips representing the "feel" of the weapon. It's debatable, I can see some benefits to it, but in the end I think it's another element that is essentially very arcade. If you want to have a stable weapon, just don't run -- it's simple as that. In reality no one is sprinting and hip shooting, all shots are very precise from the sighted position. And that's why you don't need an artificial pips crosshairs to tell you that. If you are stationary, your weapon is stable...
Another thing I noticed -- I can disable stance and weapon information by using F keys, but is there a simple way to remove ammo count from the weapon information? It is very unrealistic to know exactly how many bullets you have left in the mag. Milsims like Project Reality and Squad disabled it for good reason.
There's a bunch of add-on mods included with HU, think the No Crosshairs is what you want. Dig into the XTRAS folder, lots of interesting stuff there. The various add-on mods let you tune things to how you want it.
As for the realism, how else do you represent the "feel" of the weapon? We don't have a physical model that lets you see the recoil and adjust accordingly. Without the pips, it's harder to tell how stable you are at any given time. Just saying that there's various tradeoffs related to making things "realistic," depends on what you want to represent and how.