For bash, you can use the line:
exec &>/dev/null
This will direct all stdout and stderr to /dev/null from that point on. It uses the non-argument version of exec.
Normally, something like exec xyzzy would replace the program in the current process with a new program but you can use this non-argument version to simply modify redirections while keeping the current program.
So, in your specific case, you could use something like:
tty -s
if [[ $? -eq 1 ]] ; then
exec &>/dev/null
fi
If you want the majority of output to be discarded but still want to output some stuff, you can create a new file handle to do that. Something like:
tty -s
if [[ $? -eq 1 ]] ; then
exec 3>&1 &>/dev/null
else
exec 3>&1
fi
echo Normal # won't see this.
echo Failure >&3 # will see this.