Yup, this can be done using Apple Script.
There's a little guide you can follow here to make the script. I just saved it into my Documents folder. Within the script I just did:
do shell script "open -a iTerm"
Then in SourceTree the "script to run" field for the custom action has "osascript" in it, and the "parameters" field has "/Users/Kieran/Documents/iterm_as.scpt" in it.
Of course you can go much further than this with your Apple Script passing extra parameters to iTerm - this is just a starting point really. And finally, yes, it will open in the same iTerm window each time much like the console.
Hope that helps
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