It seems to me that it would make more sense to come up with something other than $chr(3) to allow for multiple colours on a line.
Given that mIRC would likely use a new switch to specify that RGB colours are being used, the formatting options are limitless.
//echo -aR [color:16777215]a[/color][color:255]b[/color][color:0]c[/color]
There's no reason why something like this couldn't work. I'm not saying that's a good way of doing this, just using it as an example.