The short answer is yes. Almost anything can be added to TestStand with varying degrees of effort. I do not know all of the details that you have described but I will try and answer and hopefully you or others can fill in the rest.
As you know TS has default report generation and database logging. These features are not hardcoded into the TestStand engine. You could actually replace them with customized versions if you wanted to the work.
For example National Instruments wrote the TS 2.0 shipping example "XMLReports". By following the steps in \Examples\XMLReports\readme.doc you will see how the TS report generation can produce XML reports. For this example style sheets are then used to format the report. However, you could design your own TS step type or TS
tool that takes the XML data and writes it to a particular database management system (DBMS).
A similar type of solution has been implemented by eModular Solutions. Their product DocFlex, an add-on to TestStand, generates reports as a Word document (you can find info on the web). I believe the created a tool that allows you to set up a Word template and map step properties to the template. They also have a custom step type that then sends the sequence results to the word template, creating a Word document.
Your solution could be implemented in a similar fashion. I imagine you would need to create the code that reads the XML and writes it to a database. See NI�s Developer Zone, examples etc. on modifying report generation and database logging.