I have been trying to figure this one out too. I think it should be possible.
The trick would be to multiplex the I/O lines in such a way as to provide a fast but usable interface. I would split it thus:
Code:
FT245R D7=0 D7=1
D0 D0 D4
D1 D1 D5
D2 D2 D6
D3 D3 D7
D4 R/W CSA
D5 D/I CSB
D6 E-LCD W-BUF
E-LCD is the LCD enable pin, W-BUF is a hex buffer write pin.
In fact, it might be possible to speed things up by using the FT245R's RD line, which strobes as data is written. It might replace D6, meaning only two writes would be required to write a byte to the LCD. A pair of hex buffers and some logic would be all that is required.