I'm wondering what you need this behaviour for? /reload does not trigger any special behaviour that would make it useful unless in the special case where you edit your script files outside of mIRC's script editor-- is this the case?
Yes; my bot is currently hosted on a server to which I only have FTP access to. I update the scripts on my own computer then upload it to the bot.
I think it's only doing the one script because as soon as the current script (with the rehash alias) is reloaded, it starts over from square one.
Your guess is correct; my own code worked perfectly when I moved it to the aliases.ini file.
The only problem I had with your code was that it reloaded every file except the file where the code was located. :P I fixed it by adding .reload -rs $script
after the while loop. It worked while in the remotes section after that so I thank you for it!