No, but if he resigns his office before the election but within 30 days of it, McGreevey will be able to appoint his successor for the time being while still keeping his name on the ballot. Then the NJ Democrats can continue to vote for Toricelli claiming that they knew that their vote was really for his appointed successor (as another poster called it, a living variation of the Carnahan gambit) and then if he wins, McGreevey can appoint the same person when the term starts next January. That will clinch the seat until the next Senatorial election anyway.
Not a pleasant prospect to me, but it seems plausible.
Gamma