Code:
ALIAS -l GetNick {
  if ($me == $anick) {
    .timerGetNick. $+ $cid 1 10 ISON $anick $mnick
  }
}
RAW 303:*: {
  if ($me == $anick) {
    if (!$istok($2-, $anick, 32) || $istok($2-, $mnick, 32)) {
      GetNick
      } | else {
      .nick $mnick
      msg nickserv identify password
    }
    halt
  }
}
ON *:CONNECT: {
  GetNick
  if ($me != $mnick) {
    msg nickserv ghost $mnick password
   }
  else { 
    msg nickserv identify password
   }
}

Good to see my code going to good use :P

But that should about do it.

Makes the assumption that your primary nick in mIRC is '^Merlin', and your alternate nick is 'Corner_Lurker'.