I think I've found another bug in mIRC v6.16.
How to reproduce:
In the Options dialog, goto the IRC -> Flood section and disable Ctcp replies under the Enable protection section.
Now, connect to an IRC network, and execute the following command:
//timer 10 1 .ctcp $me VERSION
Now since you have Ctcp protection disabled, mIRC should not queue the CTCP requests, and you should be seeing a total of 10 CTCP VERSION requests appearing at a 1 second interval, but for some reason, mIRC is still queuing them.
It seems that this option is not sticking/working correctly.