There certainly is.
The facility to create a new character (nearly) anywhere in the game allows you to replace combat casualties, or just change your party if you feel like it. I think you can do it as long as you're not in a fight.
The one thing I would say to be aware of however, and I cannot remember if this is the same in BG (having never played BGII) but the six character slots you are presented with form your "actual" party order. If you go into an area that has to load the data e.g. into a new section of a dungeon, then your party will emerge with character slots 1 & 2 first. Thus, always place your main fighters here when you create your party. I've been caught out that way once too often.
Other than that, create a few characters, start the game, save and create the rest when you feel like it.
BTW I'm near to the end of BG, so how's BGII?
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Making running away an art form
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