Oh, I'm pretty sure there's a cry baby error in here somewhere
Yes, it is: if (%autorejoinkick == on)
And the script can be constructed as such:

#AutoRejoinKick off
on @*:KICK:#:if ($knick != $me) && (!$nick(#,$knick,ho)) set -u5 %rejoinnick $knick
on @*:JOIN:#: {
  if (%autorejoinkick == on) && ($nick == %rejoinnick) {
    ban -ku60 # $v2 7Automatic 60 second ban (14Reason for ban 7:  14You were kicked for a reason! Don't join back so quickly!7)
  }
}
#AutoRejoinKick end
menu Channel {
  -
  AutoRejoinKick %autorejoinkick $+
  .[On]:set %autorejoinkick On | .enable #AutoRejoinKick | echo -a 7>4Attention7< 14AutoRejoinBan is now 7ACTIVE
  .[Off]:set %autorejoinkick Off | .disable #AutoRejoinKick | echo -a 7>4Attention7< 14AutoRejoinBan is now 7INACTIVE
}