No, RussellB, that most likely doesn't have anything to do with it. Keep in mind that it is very useful to leave a dialog open and edit the events then test them rather than having to reopen the dialog every time. Events work immediately in a dialog once the script is saved. The only things that won't work without reopening the dialog are the default layout and the initialization code.
Most likely, the cause is just a matter of the default Alt commands only working when the main window is active as just a global way to prevent those from working if mIRC is minimized. Most likely, it just wasn't thought about needing to use those commands while in dialogs.