Normally Open Valve

Is there a Normally-Open (NO) version of SMC Valve VP542-5DZ1-03A

Yes, the-direct equivalent for Normally Open (NO) is VP542-5DZ1-03B.

The NO versions aren't typically stocked for VP342 / VP542 /  VP742 Series.  But these valves are easily field- convertible between NC and NO by following instructions in datasheet.