Based on my research, and experience, you cannot display a blobulized PDF in a Crystal report.
https://scn.sap.com/thread/3207588
Please note that Crystal Reports does not support anything other than 'Images' in Blob fields. If that Blob field has text, pdf file, doc file or just anything other than an image, Crystal Reports will return Blank.
There is a false statement floating around that you can add an OLE PDF object to Crystal and then change the location of the PDF to reflect the Blobulized field, but this does not work - a blob field cannot be used in a formula.
One option would be to use another program/utility to retrieve the PDF from the blob, run the Crystal Report and export to PDF, then combine both of the files. Depending on the report and the blob, that may not work.
Otherwise, you could possibly convert the blob to another data type and then use Crystal to display the data.