Everything is possible and everything has its cost.
Let's suppose you've spent a year at reverse engineering and finally succeeded. Then a new version of mIRC gets released and breaks your brilliant hack completely. In fact, this has happened to many.
Your only realistic option is to convince Khaled to export some officially supported API to control channel windows. Basically, it would be a request to make mIRC modular - as other people will want another API to control the script editor (for advanced syntax highlighting), to control the UI (for internationalization), and so on.
Do you believe that it's likely to happen?
It appears to me that mIRC's monolithic architecture and development model are the primary reasons behind its sluggish progress.
