HI Cristina,
I think it is surely possible.
The check function module in SWETYPV linkage is to decide whether the receiver function module should actually be called. The data in the event container can be used for this. If an exception is triggered during execution of the check function module, the linkage between the event and the receiver is not created. Please see below
SAP Library - Embedded Processes (SAP Business Workflow)
If you are already using SAP out-of box Financial Transaction release workflow and if you would like not to trigger WF where a certain condition is met, you would need to develop a custom function to check what is needed to be checked and inserting this custom function module to be assigned in SWETYPV. Alternatively if you want the system to return the message back to the transaction creator where such condition is met, take another approach to develop a WF template out of WS20000139
Hope that this clarifies.
Cheers
Taro