No, if you want to create a repeating event (say for every weekday between 8 & 5), you just just need to configure it in any event and it will stay there even if you subsequently delete that event. It's not the most intuitive interface, but it works.
Although, ever since I installed it on Sunday, I'm getting 3 or 4 springboard crashes each day. Although I also installed a lockinfo update recently.... who knows.