At first I was all..."a sucker goin' sucker", which would make for a "no", since that sucker goin' sucker and they goin just sucker again.....
Which I think is ugly and a pain in the ass headache when you can find a specimen not prone to sucker, saving you mad time.
However, it doesn't seem like those are "suckers, suckers", just looks like a nebari too poorly tended in it's early days, causing necessary high cuts to make unnecessary ... regular old elm growing from anywheres.
So unlike a tree that actually suckers, which sucks, I think you can ease your pain by just restarting a new nebari with an airlayer above that weak barked part, that seems to be associated with them shoots, either by them protecting the trunk from elements, which may have slowed the development there, or possibly because of continued tooling around down there, which knocked off bark sometime before.
I'd cut that first branch flush and use the wound hole to start the ringbarking.
Sorce