I don't think so...Oracle treats it as a Suggested Supplier...If your Procurement team decides to go with that Supplier for the item, they would still have to be setup by your Supplier administrator...
This was about the only Note I could find on Metalink...It basically just bypasses the validation check on the page
What is the Functionality of the New Supplier Check Box on the Non-Catalog Request Page? (Doc ID 199346.1)
If you select the online help link for the NCR page in iProc, this is what that has for the field...
What does the New Supplier check box do?
If you enter supplier information for a non-catalog request, selecting the New Supplier check box tells iProcurement not to validate the supplier. This allows you to enter a name for suppliers that are not yet approved for use by your organization. It does not add them to your supplier base.