In all truth, actually there are enough buttons on the PS3 controller to take use of every single function out there:
L1 & L2: Move block vertically.
D-Pad: Move block horizontally.
brown townogs: Moving and aiming.
R1: Jump & Jet put into one key; jumping would be a quick press of the button while jetting would be keeping the button pressed, a 200ms delay between it's activation.
R2: Fire.
X: Place block.
O: Cancel block.
Square: Light.
Triangle: Open chatbox.
Select button: Select block.
Start: Select other functions (emotes; admin menu; quit server...).
So yeah, it's possible, but besides that, I am sure Badspot does not want to waste his time on simply making a whole new game just to put it on other platforms. If you think about it it's the same story as Minecraft. Minecraft for Xbox/Pocket Edition, does not use Java and needed a pretty heavy port, being written purely in C++. Torque is not supported by neither of these platforms (Or PS3 in this condition) and even if he remotely wanted to port it, it would mean a complete remake of the game.
Besides that, I am sure people would rather enjoy dozens lots of more PC updates instead of having a port to another platform for no good reason.