Drupal Commerce SKU generator
By using taxonomy_vocabulary_machine_name_load() and taxonomy_get_tree() I was able to extract the 2 taxonomies I needed for creating the prefix and suffix of the SKU. 

I created tables of key, value pairs that contained the tids and the SKU codes.

By using json_encode() I was able to pass those tables into an inline js script I attached to commerce's product form using $form['#attached']['js'].

Now by having a JavaScript array mapping tids to SKU parts, it's easy using jQuery to fill in the SKU textfield accordingly. :)