Not really. There are some potential work-arounds for this, though.
You could work from two parameters. The first will specify the parameter type as either "Last Month" or "Selected Date" and have a default value of "Last Month". The second will be for the selected date or month and have a default value of something like 01/01/1900. The filter in the Select Expert will then look something like this:
(
({?ParamType} = 'Last Month' and
{table.date_field} >= DateAdd("M", -1, Date(Year(CurrentDate), Month(CurrentDate), 1)))
or
({?ParamType} = 'SelectedDate' and
{table.date_field} >= {?DateParam})
)
-Dell