No. Ammo-Lock and other ammonia complexers only change ammonia from a toxic for to non-toxic ammonium. It is still available to nitrifying bacteria, and you can still see nitrite spikes (e.g., in cycling tanks) and nitrate production.
There is nothing magical about finding a way to get rid of nitrates: just have a heavily planted tank. Nitrates are useful, though, in non-planted tanks because they're an easily-measured indicator of overall pollutants in the water. Removing nitrates (through plants or other means) doesn't obviate the need for water changes; it just makes it a bit harder to know when they're needed.
Jim