This might be a little bit hacky, but you can trap the menu key at the application/activity level, check to see if your current active view is a text entry view, and then build and display your own custom popup menu.
It is possible, it's just a little tricky.
If you create/inflate a TextView, call setFocusable(false) on it, and then set it as the active view your Activity will still receive key events.
You will have to forward all those events (trackball, touch, key) to your View tree by hand. (Inside your "onKeyDown" function you'd have to call the appropriate "onKeyDown" method for the top level View) You effectively have to trap the notion of 'focus' and dole it out to the correct view yourself.
While a little ugly, it may give you the desired results.
This would, however, only work in your own application. Previous answers are correct about it being impossible across the entire phone.