No. That feature is not available in CS3. Introduced in CS5 or CS6, as I recall.
Is there any way of coming up with similar results using a combo of menu options, etc.?
You can draw one frame, then use Step and Repeat to build the grid.
This AppleScript might help with drawing the grid—it should work with CS3:
Draw out a frame and with it selected run the script, you'll get a dialog asking for number of columns, rows, and gutter size.
So 5 col x 3 rows with .2" gutter. You can then select the grid and transform it as needed