No, as Conor said in post #3:

The warning in the admin will still show as it is output from the languages file. The code that checks if Blowfish support is installed only looks at the include paths on your server and this language file is loaded from within the "admin" folder, so it wouldn't see that you have added the necessary files. You will however be using the encryption functionality of our Protx Direct module if you have added the files as above.

To disable the warning in the admin as well, you could also copy the Crypt folder created above into your admin/ folder... it will then be seen by the languages file. This is not advised though as the better solution overall is to get the Crypt_Blowfish module installed properly (as in via the pear command)! ;)
Or you could ask your host to install Blowfish - they should do so happily.