Yes, but it’s not a firmware setting. It is some lines of g-code, and where to put that g-code will depend on how you are triggering the Home Z command.
G28 Z ; Home Z G92 Z0.5 ; Set current offset to 0.5 for Z G0 Z5 F480 ; Lift Z to allow touch plate to be removed
Note that the 0.5 in the second line is for a 0.5mm thick touch plate. The Z5 in the third line lifts the bit to 5mm absolutely, not relative to the touch plate, which will be 4.5mm above the touch plate. Adjust these values for the thickness of the plate and how far you want to lift the bit.
If you are using Repetier-Host, you can attach this code to a custom button. If you run from an SD card, you can put these lines in a .gcode file and run them like any other file. If you use the LCD, you can modify the V1 custom menu to run these lines for Home Z, but it requires flashing the firmware.