No. The GPT uses Java Naming and Directory Interface (JNDI) strings to connect to the database. The port is specified as part of the connection information in the JNDI strings. Dynamically allocating ports voids the settings specified in the JNDI strings, and the GPT is not able to connect to the database.
If an instance of SQL Server was installed using dynamic port allocation, it is necessary to disable dynamic port allocation and apply a static port configuration instead. See the article in the Related Information below for how to do this.
SQL Server 2005 Express Edition is not supported for GPT 9.3.