I know I'm probably late, but nobody else has ever mentioned this so I don't imagine too many people know about it.
On January 15th, the project known as TorqueDev has been officially updated and released as open-source software. More specifics about the release are at
http://torquedev.com/ and I will summarize them here:
First off, the project is no longer being developed by the creator. He says if you make any major changes that drastically improve the project, he'll consider making them official.
Second, the project is now licensed under the GPL license, which means you're free to modify and distribute and use it as you like, as long as long as you keep it in the same license.
Third, the licensing system and auto-updater has been removed from the final release.
So, go ahead and enjoy what is currently
the best TorqueScript editing IDE available.