Ressource-wise, the ouya seems a bit light, so yeah, you'd need to cut down things a bit, optimise models, use lower-res textures, etc.
Dev-wise, it would take a lot of time and skills to pull off. It certainly won't be done by the Saga Team, so I don't see development starting until they release the source code. There could be some people interested in giving it a shot at Hard-Light Productions, I've seen some discussions about adding Android support, but the Source Code Project team itself wouldn't spend time on something like that, they are already going to have their hands full for a while (getting 3.6.16 out; merge the new pilot code with trunk; get deferred lighting and shadows into antipod, then trunk; keep the game stable, ...).
tl;dr: Highly unlikely to happen, and probably wouldn't be worth the effort.
not worth arguing philosophy but expanding available platforms seems to generally be a good idea. For windows and osx users this is just another "meh" game, on linux, etc it immediately becomes a top tier game. Guess we need to see where the source code is headed.