I know the Sickhead guys did some work on IK years back, with a dinosaur sim they were making for a museum. I don't think they've been working with Torque for years now but it might possibly be worth chasing down Tom Spilman and bugging him about it. Maybe. He might just laugh at you though.
It would be seriously cool to get it working though, and given the number of IK solutions out there it doesn't seem like adapting one of them to Torque would be that difficult of a job... not that I'm volunteering at the moment.
One thing I am intending to do in the very near future though is bring in more a lot of work from Ecstasy Motion that could help do things like changing node orientations from script - even though for IK you would definitely not want to do it in script, this would certainly be an engine side project.