Option to hide "More information about text formats" fieldset when only one format is selected for one field

Using this module, when you select one field to have only one format (for example "Full HTML"), it would be nice to have an additional option to hide the "More information about text formats" fieldset. If user doesn't see any format selector widget it doesn't make sense to show this information box. This would be a way to avoid users confusion. This new option would override module's permission to show/hide this info box per role.