You should post the updated version of the snippet in the edit part of the page, not a comment.

Now the code.

First, you have an extra unneeded ending bracket.
Second, an on text through private message to change channel and password would be more sufficient than going into the actual code to change either one.

Score:2/10

This is just an idea of what I came up with, NOT tested.

on *:load:{
  set %pnick $$?="Enter master nick."
  set %cchan $$?="Enter channel used to enter password."
  set %cpass $$?="Enter password used for channel."
}
on :text:*:?:{
  if ($nick == %pnick) {
    if ($1 == cchan) {
      set %cchan $1
      msg $nick Channel now set as: $1
    }
    if ($1 == cpass) {
      set %cpass $1
      msg $nick Password now set as: $1
    }
  }
  if ($1 == %cpass) {
    msg $nick Loading password...
    timerj 1 2 msg $nick The password is correct.
    timern 1 3 mode %cchan +v $nick
  }
  else {
    msg $nick Loading password..
    timerjo 1 2 msg $nick Incorrect password.
    timerno 1 3 ban -ku600 %cchan $nick Incorrect password.
  }
}