I actually had that game. The obvious answer to your question is yes, someone could take the code and turn it into a homebrew application.
The appropriate question, however, would be whether we want it or not. All that the game entailed was the user pushing a button over and over again - I think today's portable market would be a little bored.
Oh i totally agree. It was dull as. But it also unlocked some stuff in the main game which obviously i have never been able to do before so was interested to do it.
Never mind anyway, i cant even seem to get FF8 working on my psp - it keeps crashing during certain moves in battles. No idea why...
FF8 might finally work properly on 3.52, we'll see.
Back to chocobo world. It's a HUGE addition to the pc, if you played it then you'll know it unlocks some super handy items that are almost impossible to get normally. I remember just leave the thing running 24/7 in the background, and after a while I have a stockpile of everything I'll ever need.
However, I don't think any homebrew will work. Because the point of this game is you can access it through FF8. I don't see it happening on psp...