Not really. You have those lists that tell you the ingredients for each item. Those lists simply need to be converted, and that's pretty easy. All you have to do is convert the item names to tokens. A simply hash table will help you do that quickly.
What's more work is assigning the right function to each item, but it's obviously not too much to handle for an A500. Such a list is nothing for an A500. You can easily have all those recipes, and have a nice (and fast) search feature, too.
Really, you're overestimating this. Doing the whole game might be a little much for an A500, but those crafting options sure aren't.
Terraria Light would only make the Amiga look bad, and there's absolutely no need for a functionally stripped down version.
Edit: Source code is available!