Something like this would work:

Code
alias t1 {
  var %rep 5
  var %interval 61
  if ($timer(post271666)) .timerpost271666 off | if ($hget(conn_ect)) hfree $v1
  else {
    ; add your nicks to the variable %nicklist, space delimited
    ; --------------------------------------------------------- 
    var %nicklist specnick1 specnick2 specnick3 specnick4 specnick5
    ; ---------------------------------------------------------
    ; add nicklist to hashtable/item so we can work with it later
    hadd -m conn_ect nicklist %nicklist
    ; setup the timer and fire/execute it immediately
    .timerpost271666 -io %rep %interval conn_ect | .timerpost271666 -e
  }
}
alias conn_ect {
  var %server testnet.ergo.chat
  var %port +6697
  var %join #test271666
  var %step 3
  while (%step > 0) {
    if (($hget(conn_ect)) && ($hget(conn_ect,nicklist))) {
      ; chop up nicklist, delimit on space - $chr(32)
      tokenize 32 $hget(conn_ect,nicklist)
      ; grab the first nick off the list
      var %nick $1
      ; save the remaining nicks in the hashtable/item
      hadd -m conn_ect nicklist $2-
    }
    ; if nicklist empty, fallback on creating a random nick
    else var %nick $+(test,$base($rand(0,9999),10,10,4))
    ; an altnick might be handy to have, base it off %nick
    var %altnick $+(%nick,_)
    ; connect to the server with the specified settings
    server -m %server %port -i %nick %altnick -j %join
    ; dec the while loop
    dec %step
  }
}

GNU Terry Pratchett - Looking for a mIRC help channel -> Check #mircscripting @ irc.swiftirc.net