Metabite is a reducing agent (that's why we use it to go after chlorine and chloramine) and thus, in the process of doing its job it get oxidized (to sulfate) so no, metabite isn't going to oxidize anything except a stronger reducing agent and isn't, therefore, going to get reduced to sulfide (unless that stronger reducing agent is around). What can serve as that stronger reducing agent? Lots of things in the presence of the appropriate enzymes found in 'sulfate reducing bacteria' so that would be my worry but then yeast can do a bit of this to as hydrogen sulfide is a normal part of 'jungbuket' in beer and is also found in wine.
Wine is often run off to the bottling line through a copper chute whose job is to react with the sulfide and remove it. I know at least one guy who stripped Romex and dangles pieces in his wine to remove it. You might want to try that if it doesn't go away by itself as it should if it is Jungbuket.