The existing functionality of using a timer would be vulnerable to "/timer* off". Also, using the existing timer functionality to replicate the same monitoring that mIRC does for its own ini's and scripts would probably involve running a -h multimedia timer with a very short interval, as evidenced by how rapidly the Initialization Warning pops up when you alter the timestamp of a loaded remotes script. I assume that using a multimedia timer to replicate this taxes mIRC's resources much more than if this were an event.

On *:FILECHANGE:c:\path\Ignore Filters.txt: { }

It shouldn't be a problem to have the filename include a colon, as the following slash identifies it as part of the filename instead of the end of the event header. There shouldn't be a need for double-quotes around a filename containing a space.