The only problem I see is that High Resolution Timer (timer -h) are not accurate enough on WinXP/2K.
They have the same minimal delay as /timer -m !!
Basically, they can only fire an alias max. 65 times per seconds. (tested on the best PCs) So the min. delay is 15ms.
(Wich far too much when animating things with picwin, that limit to 65FPS whatever the PC CPU is).
The strangiest is that under Win9x on Pentium II 200Mhz, they can fire up to 130 times/seconds.
So I might write a DLL to call real high res timers.
(I checked and mIRC use custom window events to fire the alias associated with a high res timers, so its not reliable)