'Highlight text' does not relate to mIRC's highlight system in any way. recall that different highlight entries can each have their own colour, which is why i create a %col variable in /hl_addLine though i elected not to use it anywhere, at least not for the message portion of each line in @Highlights. to use it as the moused over line's colour is an idea, but not one i see being attractive.
also, it would be a poor design choice to have a local script setting controlled by a global mIRC option.