It would be possible, but would take a lot of work. The hardest part is finding a model exporter for Tribes 2 that still works with current 3d modeling software. You'd need to create a model, then create the animation for it to transform. You then just activate the animation, based on some key bind.
For Tribes 1, I seem to remember a mod that required a light armor to wear a pack. Activation of this pack deployed a scout flyer. Once you ejected from the flyer it would vanish instantly. Maybe this could be done in T2.
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It would be better than a transformer mod. >:(
:-*