OK, I stuck my head back in here.
Here are a couple of thoughts. The random generation of planets is already done. Fractal Terrains from ProFantasy does a nice job. It then exports, seemlessly to cc2 Pro, and if you have the Cosmographer add-on produces canon planetary maps. No sense in re-inventing the wheel. You can then script random towns, cities, etc. (I have seen random towns for the competetion Fractal Mapper, and it gets down to random tavern interiors.)
A solid script will stand you in better stead than reinventing the wheel. Further a database like the one in Astrosysthesis 2 will stand you in better stead than randomly generating the system over and over again. You would be better off generating the entire sector first and defining the field of play instead of generating it on the fly. After all people, even Travellers, tend to establish a home base of operations. Places get revisited. And if 2 different players both have their own idea of planet BOB, yet it is different each time they get there, or simply different for each of them they couldn't communicate about it.
I still don't see how this would work though. Traveller is about travel. The nature of the Traveller Universe is defined by Jump Drive and the fastest means of communication is a Starship. So handwaving Jump, in terms of game time, as it is rather boring to sit on a ship for a week with no outside contact, may seem like the thing to do. However without the mechanics of Jump it isn't Traveller. Further the handwave works fine for one band of adventurers but we aren't talking about one band of adventurers, we are talking about several bands of adventurers scattered across 440 systems. Each with different time requiremnets, and travelling at different rates. And no communication possible between them unless they happen to be on in the same system, unless you chat by post. (Which also takes time.)
People moving often, for example a Scout, would be in a different time frame than those that are more stationary, for example, a Mercenary Unit that is tied down in combat operations on a planet for a while.
Without Jump it isn't Traveller. It might be a neat game, but it would just be another space game, and while it might have a draw it certainly wouldn't be Traveller without figuring out how to reengineer the time mechanics and Jump Drive.
So, Traveller, would be extremely difficult to implement without being super boring for some, or too fast for others.