Yes it can. I do exactly that all the time. Here's how I do it, assuming your directory layout:ln -s /home/myself/mydoc/myreport.layout /home/myself/.lyx/layouts/myreport.layout
With 1.5.x, one can *open* a .lyx fle with local .layout and .cls files (the same directory as .lyx). If you need to *create* a lyx file with certain .layout file, you still need to put .layput file to .lyx/layouts. This somewhat hidden feature allows easier sharing of existing documents. Cheers, Bo