Is it permissible to create an Islamic constitution by compiling verses of commands and prohibitions from the Qur'an and Sunnah?

The aforementioned work is permissible; in fact, it is beneficial and useful, and its doer will be rewarded for it. It falls under the scope of Qur'anic studies. There is no harm in calling it "The Islamic Constitution," for one of the meanings of "constitution" is: a fundamental principle according to which something operates.