If, instead of pure hosts, you prefer to keep entries in the file as custom users address masks (with wildcards), you can try using this modified script code:
Code
menu channel {
  -
  Invite List: invitelist $active
  -
}
alias invitelist {
  if (!$1) { echo Correct command:12 /invitelist #channel | halt }
  var %file invite-list-Gforce.txt, %lines $lines(%file)
  var %i 1, %n 0, %limit 5, %sec 0, %delay 10
  while (%i <= %lines) {
    var %str $read(%file,nt,%i)
    if (!$ifind($1,%str)) { %masks = %masks %str | inc %n }
    if (%n == %limit) || (%i == %lines && %masks) { 
      $+(.timer,INVITE,%i,$r(a,z)) 1 %sec mode $1 $+(+,$str(I,%limit)) %masks
      unset %n %masks | inc %sec %delay
    }
    inc %i
  }
  unset %n %sec %masks
}
alias -l ifind { var %q 1 | while (%q <= $iil($1,0)) { if ($2 iswm $iil($1,%q)) return 1 | inc %q } }

Tested on mIRC v7.72. I also added an item to the channel's context menu to quickly launch the alias.

Format of masks with user addresses in the file "invite-list-Gforce.txt" was as follows:
Quote
test*!test*@*
*!*@OY4EJ.*.8I10H.NEDSL
*!*@*.4CH99.TCXSZ.*
Room*!*@*
nicks*!*@*.EP8VQ.*
*!*@*.WO78K.O42X6.6S8A5
*!*users*@*
*!*@FZKZC.RHICY.LLGDD.*
*!*@P4PO6.KW849.*
User*!*@CD7FV.*.IMPA7.*
*!test*@*.JMEW9.B850G


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