The question is, why do you want to do that? $iif() is meant to return a value (that will be used as a parameter to a command) based on a condition, not execute commands. Of course, you can still use it for things like

$iif($isid,return,echo -a) %result

but this is indeed shorter thar the equivalent

if $isid { return %result }
echo -a %result

because of the common factors (%result here) that don't have to be typed twice. But multiple commands in $iif()? You don't save any space this way. Instead, you make the code unecessarily complex. Why not just use plain /if ? It's cleaner, better for this job and faster.

Oh btw, there is no way to do multiple commands, except for hacks like this:

$iif(1 == 1,scid -r echo -a one $chr(124) echo -a two)

but you may find the extra evaluation caused by /scid annoying.