It would be great if that was a feature, but, I haven't found it.  My work-a-round is to create my own PDF copy of the tax return, water marked review copy, of just the forms in the actual return.  Then, I make a PDF copy of items in the return that I do not want to be watermarked, such as ES and the client letter.  I then upload both of those as "other documents".  I check the box that I do not want DocuSign to automatically add a watermarked copy of the return to the envelope.

I would be really interested to find out if there are settings that would make this automatic.  Nothing is more frustrating than having to re-invent the wheel for something that could be automated.

If you can get the "eSignature Status" column to show up on your client tab screen, you can begin the eSignature process by clicking on the "request" link associated with your client and a window will appear that let's you deselect the watermark.  Go to Setting, Options, Display and then look in the Miscellaneious list.  Einstein didn't put the entire list in alphabetical order so go all the way to the bottom and you'll see "eSignature."  I didn't know lowercase "e" comes after the letter "Z".  Took me forever to find it.  Not very encouraging when a $30k tax software provider struggles with alphabetical order.  

Hope that helps - Mike