Yes, it is possible, however, I don't know if Octopus can do it. It would require that Octopus is able to alternate your keypresses as no in game macro can be used for movement, which is what is required in using Interact with Target.

I haven't used Octopus, so I couldn't tell you if it has the ability to map key toggles like ISBoxer and HotKeyNet can. It may just be straight broadcasting where 1 is always going to be 1, where as in HKN and ISBoxer can use a means of toggling where 1=1 the first time, 1=2 the second time, etc.