The answer is no, Crystal Reports writes directly to an XLS file and does not go thru Excel to write the file, therefore there is no way to get the report in an XLSX format to remove the 32 or 64K row restriction.
GridView, the Financial Reporter and ExcelDirect all use the installed version of Excel to write the XLS or XLSX file.
Edited by Andrew Bates (12/18/12 08:47 AM)
Edit Reason: Added ExcelDirect