No, sorry. The Path Creation tool has been removed from Custom Edit, because it was redundant with the new Distribution Path mode.
For FP5 objects, the items created with the path tool remain in their same position. You can edit them as usual, but it's not possible to add new from a path.
You must switch from "Custom Edit" to "Generate" mode (from the Items Editor rollup), to use the new path distribution mode. Once distributed, you can switch to the Custom Edit mode and adjust the items individually, if needed.
In case you want to add more items to a Custom Edit object, without loosing the existing items, you can do this:
1) Clone FP to a new object.
2) Swtich from Custom Edit to Generate (all items will be reset).
3) Use the Distribution Path mode to add the items.
4) Swich to Custom Edit.
5) Select the original FP object, and use Items Editor->Attach, to attach all items from the new object.
I hope that helps.