mrtroy,
This is possible if:
a. you change the name of the field in the database - then open the report - go to the Database menu -> and choose verify database -> click yes when it prompts you to the fact the table has changed, and all formulas will be updated.
or
b. Use a meta layer such as a business view and rename the field there - then do a Set Datasource location and map the table fields to the Business View Fields.
Other than that the answer is no.
Cheers,
paulmarr