It's a good idea. It will allow future listable modes to be added easily. Only drawback is that mIRC won't know the raws for filling up a new list (for using an internal list). It would have been much easier had developers simply made one new set of numerics to support additional modes rather than use numerics for each list. Such as:

### <channel> <modeid> <timestamp> <modeletter>
### <channel> <modeletter> :End of mode list.

Then again there is still a problem. How would mIRC know if the mode is seeable to non-ops. If a mode is like that then mIRC needs to wipe out an internal list when you get deopped. Is it too late to have a fifth chanmode token? Hmm, I wonder what the current version of mIRC would do if it got more tokens than it should? Anyway, ON LISTMODE wouldnt have to worry about it, just $iml()