You can remove the Date, but not the Time.
You can make the font, Small, Medium, Large.
That's the only choice available.
Just out of curiosity, why would you want to remove the time display on the lockscreen?
I hit the Lockscreen and shut it off simply to see "what time it is" IF the need to know the time arises.
I do not wear or like jewelery ie, watches.
I quit watches when cellphones were invented.