The short answer is... Yes.
More specifically, in Toolspace, Settings tab, expand nodes to Surface, Label Styles, Spot Elevation, and add a new Expression named 'Form Grade' (or whatever you want to call it), where the Expression is:
{Surface Elevation}-0.5145
Then create a new Spot Elevation Style, perhaps also named Form Grade... On the Layout tab of the Style properties, modify the Text Contents, deleting the default Expression at right, then select the Form Grade Expression from the Properties drop down, and load (hit the arrow button), and then OK. Hit OK again.
Now, when you label a spot elevation on your surface, simply set the Surface Elevation Label's (redundantly named) Surface Elevation Label Style (under General in Properties pane), to your newly created 'Form Grade', etc..
HTH