Not at all, Jade. It does not rule them out, not in the slightest way. It only makes them damn improbable, given that Lorien:
1. Never asked if Sheridan preferred to die or continue.
2. Considered healing him a great strain.
3. Told that he would stop.
There is a small but remarkable difference:
"He will stop, <font color=yellow>but</font color=yellow>..."
"He will stop."
Nobody gave a conclusive answer. Sheridan went to Coriana believing that he would die. My logic goes this way: if the case had been different, it would have been natural for the storyteller to hint of that possibility. Secondly, given that nothing was heard of Sheridan after that (aside from a simulation of his personality, mentioned in Deconstruction) we may assume that he was quite gone. We may of course assume that Lorien somehow took his personality, but a being like Lorien who considered the younger races capable of minding their own business would have asked permission for something like that. Given that nothing like that was neither shown nor implied, we may assume that: A. Sheridan did die or B. Lorien is a Soul Hunter. But in the end, it does not matter, because of everything gone, something remains.