Hmm, it's pretty good honestly, but there are some flaws I've seen with this, and they're pretty big.
First one, is that the images are unnecessarily large, you don't need to use 640x480 with the positions marked. I don't know much into scripting, but I think it would be easier to instead use an image depicting each selection (This is what I'm guessing is within Blizzard's modified Title Menu that he's using for CP), the images are set up not really to zoom in and out, but instead they just move left and right, and work like they're in a circle, so they can be swapped around and the selections can loop. The other part I've figured from the last forum through Blizzard's showing off of how the images are set up on his title screen. There is an image that fades in a gradient, from a semi-transparency that is white to the transparent color. That is coded to appear over the pictures that are being used for selections, but the title screen itself is unaffected by the gradient picture.
What I was shooting for was a clone of the one that's in Chaos Project, mainly because it was perfectly executed and holds exactly what I was looking for. I'm probably going to look through the script you wrote yourself sooner or later, and it's a pretty good shot.