No, the check engine light will remain on until the code has been cleared from the memory. You can do that with a hand-held code scanner, which can be purchased at just about any auto parts store. As long as the scanner is OBDII compliant. However, this isn't going to fix your problem. Every time your car starts cold and the air pump fails, it will tell the computer. When this happens on two consecutive cold starts, it will then turn on your check engine light. The only real solution is to address the source of the code, which probably means replacing your pump.

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Jonathan

2011 Mazda2
2000 E320 4Matic Wagon
1994 C280 (retired)