I believe you can disable most of the HUD via the game options.
Things you can not remove: Health indicator, ammo counter, shield status.
Apart from that you can remove all the text information, like "Rhodok Trained Spearman has been killed by Swadian Knight", or "Delivered Couched Lance Damage", so on and so forth.
I am not at the computer that I have my game on ATM, so I do not remember what the specific options are called. Something like "Damage display", and another one for the other information.
Hope this helped : )