Servers don't disconnect you based on how much information they send to you, [..] What the server sends back is not part of what can flood you off, otherwise PRIVMSG floods would make it extremely easy to disconnect any user. [..] One single who command is unlikely to lag you let alone drop your connection even if the channel had > 300 users in it. I've never seen that happen.
Yes they do, yes it is, yes privmsg floods do disconnect users, and yes a single /who can also cause such a disconnection on big channels and servers with restrictive sendq settings. There are still more than a few of those.
Doing /who on join should never be done by mIRC. The solution used by all of MeStinkBAD's mac clients isn't bad, but since most mIRC users don't need it anyway, why not just leave this up to a script? I think the status quo is fine.