The main thing, as in the annoying thing and security thing which is the reason why group convos are sh*t, is that all those in the chat can see you MSN addy once you've been added. Even if those people aren't on your contact list.
This script will not prevent that.
To prevent that you need to capture and decline the protocol messages even before they make it to the convo (so to speak).
Even then, some advanced programmer could sniff the packets which indicate you've been added, but the chance of that happening is very slim...
Although it might still be usefull for some I guess...