Not really, not on its own. It usually gets monitor information from the video driver.
However, there're a handful of apps that let you create custom resolutions and force the video to use it. It's potentially damaging when dealing with CRTs, but perfectly safe if you wanna get it to work with an oddball LCD.
If you can find an older version of SwitchRes that'll run on System 7.5, I think that might do it for you.