No, there is not a way. The client has nothing to do with it. You can want it to be that way as much as you like, but that's just the way things are. If you're not prepared to follow the suggestions in the 'Hiding your IP Address' post, then you'll either have to put up with it, or leave IRC. For 95% of people this is not an issue.
Seifer: Correct, your IP should not return your exact street address unless you're acting as an ISP, which is obviously virtually never. Sometimes the info can be fairly accurate, my old IP used to return a neighboring town of mine - however, put that in perspective. Thousands of people live in the two towns - some random person from, say, the USA, is going to find me, fly over to the UK and then track me down (somehow) out of those towns? I don't think so...
As I said, online security is not something to just 'brush off' as nothing. I'm sorry, but mIRC can't do anything more than is already possible. Not everything is possible, even if you want it to be.
Regards,