Here's a better way to deal with the Script icon.
Go to Applications, and select AppleScript Utility in the AppleScript folder. This will bring up the AppleScript utility, much like a System Preference pane. In the bottom half (on Leopard anyway), you will find a checkbox for "Show Script menu in menu bar." Uncheck it, and poof! No more annoying icon, and you haven't lost any important scripts either.