i'm no expert on the subject but imho, ram and flash are not the limiting factors, or else it would have been widely implemented on PICs as well. bit banging usb almost boils down to how quickly a chip can toggle a pin. i think avrs can do it in one clock cycle, so e.g. with a 12MHz crystal ~> 8 instruction breathing room, it's possible with some expert hand optimized assembly for near perfect timings.
even low speed usb devices (like mice/keyboard) would require 1.5Mbps... i think that would be difficult to emulate on a lowend msp430. first, the value line chips don't support high fre