I don't understand the use case for this switch.
The use case for /play is to explicitly handle delayed execution of line reads. I don't see why you would want to handle any lines "immediately". If you want to do this, it seems like you should just loop over the file yourself and generate your own timings. It's fairly easy to do manually. Specifically, your examples that read the first N lines and play the rest can be easily solved by looping over the first N lines and then calling /play on the N+1th line. It's only one extra line of code:
var %i = 1, %file = foo.txt
while (%i < 3) { msg # $read(%file,n,%i) | inc %i }
play -f3 # %file 1000
It also seems like this suggestion doesn't really deal with state leak and data race conditions. Looking at /example1, I'm trying to understand what the expected behavior would be if mIRC was already /playing another file. Consider the two lines of code:
/play # test.txt 1000
/example1
The /example1 alias would call /play on example.txt, but that would
queue the file, not play it, at which point, what exactly is /play -E expected to be doing? Should it wait until example1.txt is being played? Or should it play the first line of test.txt? I can only guess that typical implementation would cause the latter to happen, which is likely not what you want. Also, what would happen if /play was used with -a that called an alias that then called /play (to queue up a follow up play command). I'm not sure how you could get what you want to happen in all cases.
Basically, the big technical problem with this suggestion is that it assumes state preservation across calls when no such state is guaranteed. You simply can't assume that /play -E is necessarily acting on the last /play call because you can't control what the last /play call is. It may seem obvious in your simplistic examples, but it will break very quickly in more complex usage.
And for such an unreliable command, I don't see such a big use case anyway. I'm dubious about needing to trigger /play immediately, given its actual intended purpose.