The code maybe valid, but I don't think the alternative nickname is valid. Nicknames are not case sensitive. You should use something like:
raw 433:*: { .nick HomewoRK_ }
Err, his first nick is 'homework'. His second nick is 'homew0rk' (zero, not Oh).
But here's a question for the OP.. Why not juse use mIRC's inbuilt nick and alternate-nick settings? This is basically what you're wanting to do.