Recently, I saw two videos on YouTube regarding Bully for the PSP. Both claim that Bully can be downloaded for the PSP. Whether Bully really works on the PSP or not, I do not know. I'm quite sure fans of Bully would welcome the move of porting either Bully or Scholarship Edition, and so would I.
I doubt that Scholarship Edition could be supported by the PSP, noting the graphics and new features not seen in Bully would take up too much space. But then again, technology has improved, so Rockstar might be able to port Scholarship Edition to the PSP. But they'ld have to cut out certain things either way. Perhaps they'll snip out sections of Bullworth or some of the townsfolk who don't really play any role in the game, or perhaps access to parts of interiors (e.g. the Basement) would be cut.