No - if you stay until 55 you get a pension straight away. Then you can FTRS and keep your lump sum, and your pension will be abated as required.
It just means that (financially) an AFPS05 person would not want to PVR (before 55) to go FTRS - as the OP suggested.
To complete the OP's question, going straight from regular to FTRS (before age 55 on AFPS05) you would not get the EDP lump sum. You need to be out long enough to 'amortise' the EDP lump sum - usually about 18 months, but yes you would still lose all of your EDP annual income whilst serving as FTRS.
Al R, I think you can only reverse commute the second lump sum.