Yes!
Greetings -
Yes there is - by accident I discovered it.
Basically, you use GeekTool (image) to place an image file on the top portion of your background, OVER the toolbar at the top. Pretty standard thing. Just set the refresh at 9,999 seconds.
Great - menu bar totally hidden. But the menu bar is still there, you can still mouse up and click the apple, File, etc. You can also click the icons, and they will appear on top of the GeekTool image. Then they will stay there until the geektool image refreshes. Effectively showing them, without the menu bar.
D.