I suspect some difficulties may crop up for what one might call "direct" Lua code/scripts which do get executed each time this happens as opposed to the "indirect" stuff inside functions declared in the scripts which are only compiled...
As it happens, for all the other types of item for which Lua code can be entered, that code is invisibly wrapped up in a lua function (which currently offsets the line numbers in lua error messages by 1 IIRC) but the behaviour has to be different for the Script type item. For example the code for an alias with the ID number 42:
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echo("Hello World!")
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function alias42()
echo("Hello World!")
end