I did this because I use an external program in which to write my scripts. I like the feature that mIRC already has to "Monitor File Changes", but I got annoyed with the consistent "Would you like to initilize this script?" pop-up that came up every time I saved my file. After some suggestions on how to go about this, this is what I've created.

I hope it works as well for you as it does for me. :)

NOTE: If there are any bugs, please feel free to let me know.

on *:start:{
  scriptReload
  .timer 0 10 scriptReload
}

alias scriptReload {
  var %i = $script(0)
  if !$hget(scriptReloader) {
    while %i {
      hadd -m scriptReloader %i $md5($script(%i),2)
      dec %i
    }
    continue
  }
  else {
    while %i {
      var %oldHash = $hget(scriptReloader,%i), %newHash = $md5($script(%i),2), %script = $script(%i)
      if %oldHash != %newHash {
        .timer 1 0 .reload -rs $qt(%script)
        hadd -m scriptReloader %i %newHash
      }
      dec %i
    }
  }
}