Unless you could properly map the analog sticks to something approximating the mouse you'd be faced with KTS, Keyboard Turner Syndrome. If you could stand that, or work around it, it wouldn't be too terribly bad. At the very least you would be able to bind 3 buttons to control, alt, and shift and then another 5 for easy access stuff. There'd be another 4 you could bind as well, but not as easy access. Still, given that you'd be looking at straight buttons, shift, control+shift, alt+shift, control+alt+shift, control, control+alt, and alt combinations that'd give you around 40 different hotkeys.
Bleh, now I wish there were left-handed controllers, or that I could use my mouse left-handed. :-( I could get used to having 32 easily-accessed hotkeys on one hand like that.
Actually, if you use Autohotkey it might be possible to remap the mouse to the right analog stick and keyboard movement to the left. I know you can rebind mouse keys, after a fashion at least, as well as other things with it. At the very least you'd be able to right-click on stuff.