[carpeperdiem]

You could "if" it out, BUT WHAT I WOULD DO-- simply change the database for the one item - instead of BOTH price and "list price", simply leave "list price" empty.

The alternative is to put an "if" in the product.tpl code, so that if the discount amount gt 0, then show it (else do nothing) -- but this seeks like overkill when you can just change the price of one item.