No ... SSRS2005 does not support this feature. However, it is available in SSRS2008 .
Potential workaround : For one project, we were asked to change the format for the middle name of the name field. We were able to place 3 text fields in the report and use some functions of the substring and crop to get the text that we wanted in each text field.
I'm not sure how common the text elements you work with are, but it might be something you can try. If there is a possibility that the data do not match, I would not do it ...
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