No, there is not such a thing as nothing because even now there is sometimes only two options there: diamonds or 50 AWKPs; 8x8h booster or 35KPs. I like those moments very much.
Ok let me be more clear:
You cannot eliminate a crap prize and replace it with an awesome free 500 diamonds, you have to be realistic, you can take out crap and put in other crap or you can take out something awesome and put in something different awesome.
Inno has decided on a certain quality of the product that seems to them to generate the most benefit. So a certain number of free diamonds (and timeboosts and whatever else) They are not interested in handing out 1000 free diamonds (or time boosts) to everybody every 5 minutes (that would be my favorite reward! Not)
The total amount of diamonds handed out by the MA will not change, so you cannot replace junk with diamonds. In theory you can increase the chance for diamonds and then reduce the amount of diamonds. You can go from 20% chance of 500 diamonds to 40% of 250 diamonds, Inno wouldn´t care either way, but I would find it rather boring.
So if Inno removed every prize I don´t like you would have some of those chests completely empty, other would have a 30% chance of diamonds and 70% chance of nothing etc, others would have a chance of 40% timeboosts and 60% nothing etc. Because I choose to replace junk prizes with nothing. Because there is no chance at all to get Inno to make a box with 40% diamonds and 60% timeboosts...