Not that I know of. The options for underline are under Format | Font
You can try changing the color of the underline to something lighter
(perhaps gray) but that's more of a work-around and not really a solution for
your problem.
There is a pull down menu under Underline style including a choice that says
"Words Only" which will remove the underline from spaces between words (which
I think is pretty nifty).
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