I dont think this particular script will do much harm. Gathering resources and runic farming are much worse than this.
Yesterday i made myself 60 Relic frags, in less than one hour at the queen's soulforge, using 4 UOAssist macros. Before that i had to craft the items i wanted to imbue and buy the needed gems. The thing is that i burnt, in less than 60 min, 2500 Magic Residues, and about 6500 gems. The residues were left overs from my training (I finished before they nerfed the residue return from unraveling). If i had to produce all that residue, i would need a good amount of rare woods, and lots of time to craft and unravel bows/bokutos.
The limiting factor here is that too much material is used to craft the relics. To run a script 24 hrs you would need what? 60k Magic Residue and about 160k gems, plus lots of crafted items to imbue. If u buy that many gems, price will go up, making your relics more expensive to produce, buy that many M.R. and the price will go up too. As it is today, it costs from 30 to 50k to produce one relic, and ppl is selling them for 60k already in Luna (Europa). I dont think price could drop much more than that, nor i think there will be demand for tons of relics either.