Code:
 
alias run1 {
  .set %log %logpath $+ renlog_ $+ $date(m-d-yyyy) $+ .txt
  var %read = $read(%log, 1)

  ;$read is SLOW... so why to do it many many many many times in single alias???

  tokenize 32 %read

  ;tokenize ain't so slow that it would hurt the script even if it's run everytime alias runs

  if ( %read != $null ) {
    if ( *load* !iswm %read ) {

      ; *load* matches everything *loading* matches

      if (( $1 != $null ) && ( $2 == $null )) {
        write -dl1 %log

        ;Missing bracket here, look at the identation, I see no if before elseif?????

        elseif ( $2 != $null ) {
          .notice $me $2- 

          ;sending notice to self is just plain stupid? why not use echo????

          .write FDS_Log_ $+ $date(m-d-yyyy) $+ .txt %read 
          .write -dl1 %log
        }
      }
      elseif (( *loading* !iswm %read ) && ( *load iswm %read )) {
        .write -dl1 %log
      }
      elseif (* loading* iswm %read ) {
        .notice $me $2- 
        write FDS_Log_ $+ $date(m-d-yyyy) $+ .txt %read
        write -dl1 %log
      }
    }
  }
}


just a few I could spot... Also added some spaces & brackets to ifs...