Depends. The actual rule being "violated" isn't that the app can't contain the string "itms-services". Rather it's:

  Guideline 2.5.2 - Performance - Software Requirements
  The app installed or launched executable code. Specifically, the app uses
  the itms-services URL scheme to install an app.

i.e. the app can't try to trigger an install of another App Store app. The app in question isn't doing that, it's just that the basic check is incompetent for the rule it's supposed to be checking and the reviewer isn't doing any manual checking after that to see if it was a false-positive. So obfuscating the string, if you're genuinely not trying to install other apps, should leave your app just as non-violating as it was before... just not tripping the badly written check.

Apple can of course be arbitrary and capricious after that point.