I hope I'm not posting something that's already been posted. I think it would be ideal for modders if we had a -nocache argument for testing materials, textures, etc. Restarting the game is a lot of work when you don't feel like using a 3D modeler to preview textures.
If your meaning testing a vehicle after modifying stuff like jbeam and others you have said, then press "CTRL + R" That resets the vehicle and it's cache (i think.)
Torque has a long way to go for sure. Probably the single biggest pain in the ass learning obstacle course is the materials, bar none.