Yeah there is! I saw one on this one really cool Arcanum site. Hmmm...what was that URL again? Oh now I remember! http://www.terra-arcanum.com
The cap-remover is hardly necessery though. If you do all quests on normal difficulty with some followers you won't hit level 50 anyway. (Unless you do a lot of extra monster-hunting of course) The level-cap is actually well placed, unlike the caps in the Baldur's Gate series.