If the Pi has a serial port, or a host USB into which a serial-usb adaptor can be plugged, then there's no reason why not. I don't know the gory details of Linux serial comms but they have to be more sane than Windows' interpretation. It may be the user IO pins could be bit bashed, but that's complex and tricky in the timing details.
If someone feels up to the job I'll be happy to point them in the general direction - there are many areas where it could be improved with more memory to play with and a better UI.
Alternatively, a mobile phone with a host USB should be usable with a suitable application written, a la 'torque', but the timing constraints might be harder to manage.