The script was written to be be the simplest example of how you could implement HDR with a script. There are many better / more sophisticated scripts posted on this forum and on the CHDK wiki.
From a personal perspective, I find it time consuming and difficult to find and correctly setup the continuous mode timers on my camera and then setup CHDK as well. So the script approach (using the User Menu to enable it) works best for me. Although to speed things up, maybe I'll look at lapser's recent methods of shooting faster between shots with a script at some point though.
But that's just me. If the method you described works for you, then that's the best method for you.