If you have managed to install Octave, you shouldn't have any difficulty installing MTT. Copy MTT (http://prdownloads.sourceforge.net/mtt/mtt-4.8.tar.gz) to a directory on your machine (preferably /usr/local) and unpack it with the commands:
$ gzip -d mtt-4.8.tar.gz
$ tar -xf mtt-4.8.tar
You will find the documentation for MTT in the directory mtt-doc.
To use MTT, edit the file mtt/mttrc to make MTT_BASE point to the place you have installed MTT:
export MTT_BASE=/usr/local
To tell your shell where to find MTT:
$ . /usr/local/mtt/mttrc
Alternatively, if you are using csh instead of the Bourne shell:
% /usr/local/mtt/sh2csh /usr/local/mttrc
% source /usr/local/mtt/mttrc.csh
MTT should then hopefully run okay (let me know if it doesn't).
Regarding your second question, MTT uses Reduce extensively so you really should have it installed. However, I did write a program a while ago which allowed the creation of a standalone C++ simulation from a bondgraph model built with MTT without using Reduce. If this is all you need to do, let me know and I will try to find the program (unfortunately I don't have access to it from this machine).
Geraint.