Yes and no. OpenLDAP can be a backend for Kerberos. We do that here as syncrepl is much nicer than kprop.
Kerberos can be used to authenticate against OpenLDAP via SASL GSSAPI or simplebind -> userPassword {SASL}.
OpenLDAP can have multiple entries in userPassword, including {cleartext}. You could try to keep that in sync with your kerberos.
I think kerberos can be convinced to not user a master key to encrypt it's database, but that's a lot like having /etc/shadow unencrypted. The information is easier to get at, but it's not enough alone for an actual compromise (though if you're storing …