There are reasons it wouldn't be a viable Xbox game that mostly stem from the fact that Microsoft despises indie developers.
The game couldn't be updated on schedule, people would be stuck with game breaking bugs, and schema would have to pay Microsoft to maintain the game's presence on the Xbox marketplace. Microsoft's "Engineers" would take several months testing each update before uploading it and moving to the next update, leading to an ever growing gap between the game's progress and the Xbox version's progress.
Consoles don't have nearly enough RAM either. There's a big reason Microsoft put a map size limit on the Xbox version of Minecraft.
I can see it being possible in the very distant future (as in years from now), but not right now while it's still not even close to being finished.