They really should add TES Construction Set to consoles, i mean why have it as only a feature for PC version? Im sure everybody who has the console version would love to make their own castle, town etc. And its not an impossible idea, they could just take away some things and dumb it down to a Halo-forge type thing.

It's not a toy, it's what's literally used to develop the game. Consoles couldnt even BEGIN to run 1/1000th of the set let alone the full program.

It not possible.
1) The consoles cannot run the construction set, both due to hardware limitations and it would need to be ran in a Windows environment
2) Microsoft and Sony wouldnt like to allow that

There are several possible hurdles preventing a release.

1. Neither console likely has sufficient RAM to fun the editor.
2. Neither console likely has the software architecture the editor is built around.
3. Both systems are probably more sensitive to their mod load.
4. Microsoft and Sony probably consider it a security risk.

It would be awesome if Bethesda could do something like this, but it just doesn't seem feasible.

The CS wouldn't actually need to run on the consoles, it would just need to be able to write the plugins in a format that the consoles would understand. I can't see MS or Sony ever allowing something that would compete with their for-profit downloadables, though.