I may be on thin ice, now, but I think the mIRC Help file said that one should noe use /say in scripts, use /msg instead. Eventhough /say works, it's not recommended.
Second, the timer will just repeats. It will not update.
//timer 0 1 { echo -a Time: $time } <- will just repeat the time when the timer started.
//timer 0 1 { echo -a Time: $!time } <- the ! will force mIRC to update the identifier before executing the timer.
So, change the method, (use $!chan or $!active ?) or something
