As Sat suggested, I think is the case--which PhireCoder seems to have found to be true. I tried the alias, myself, and found that while it ran, my CPU never even spiked above 10%, and no other programs were frozen or delayed. Just mIRC and the command window. So it's not a question of the while loop eating too much CPU, but the clipboard not being released. It would seem to be the solution is for mIRC to release the clipboard (a shared system resource, which only one application can "own" at any given time) as soon as possible. Possibly a flag given to the command telling mIRC the script wants to release it right away?
Sortta off-topic (in the sense this isn't what the OP was reporting).. Why do it the way you have at all? For something like this, you could just use redirection ("@ipconfig > ipc-out.txt") to save the output to a file, then have mIRC read in the file, and echo it to your custom window.. better yet, you could also manipulate the output file any way you want, pass it through other filters, etc., before reading it into mIRC.
Cas