I'm using v. 3.4.1 and all the references to something like this that I've found seem to suggest modifications to the index.php file. I think things have changed with 3.4.1?
I am thinking I should be able to make this modification on the Style & Edit Center Column area of the theme options. But, I just don't know enough about programming to get the code right. I just want to hide/remove the headline from the Home page (which is a static page).