raccoon
Yeah, ok so for a couple of weeks after you make this you will remember how to type in your unique complex command string at the command line. Then after you get bored with it and dont use it for awhile you forget and it just sits there. There is NO REASON even in your snippet to have finer grain delay than in seconds OR to use the while loop when that section could be done with a simple timer of which you are already using one.
My chat habit is to type plain text but may employ these type text modifiers in popups or auto-reply events and as such I prefer to have them coded to be easy to use and I also like them to follow standard mIRC coding practices. I'm just trying to offer you ideas as you had asked. BTW, there may be a million ways to script something but some ways are more correct than others.
So, to wrap this up; I would code the texteffects as one alias then make another alias that would use a simple timer that could do your command line the way you like but when I needed it for an auto-reply or popup I would just put a timer where I needed it and just use the text effect so it actually easy to read. This way I only need to remember: $texteffect(string).rcase or camel etc
As a matter of fact I have made such an alias that does several color effects that I will post now.