Hi Linz. The quick answer is no. PhotoFXlab is really just a place to go to gain access to all of the Topaz filters- "one-stop shopping"- rather than go to each filter separately.
I should have thought that Lightroom and the Topaz filters would be a good combo if you can't run Photoshop.
Linz, FX Lab does have layers and some pretty nifty masking effects so, while not a complete substitute for PS, when paired with LR, you can do quite a bit. I have it installed but to be honest have not used it that much since I also have Photoshop. I think it's worth checking into in combination with Lightroom.
Good, Linz. I'm glad this was helpful. As I mentioned, I've not done a whole lot with the Topaz suite so it might not end up being the solution you want. But, I think the layers and selective adjustments could indeed be a good complement to LR for you.