As far as I know no, The limitations currently set forth by flash only warrant you to read varibales in from a text file. So that is in essence what you would be doing with your php script. What I mean is right now without generator you could read a text file with something like this in it:
a1=sad&a2=sdsd&name=sdsd
So you could query your db and do the same thing with a php script but it would limit how much data you could pass to the movie, that is the only down fall that I can see