Yes, it would be. I'm not sure what you're doing with all of the parameters, but if they eventually get mapped to properties in the other object even though it's more code it might be better in terms or readability and maintainability to do something like:

lo_frmcalendar = newobject('frmCalendar','nav_custom_date.vcx')

WITH loForm
   .dDate = l_dDate
   .Caption =  'Policy Effective Date'
   etc.
   .Show()
ENDWITH