Love it! Works a treat.
I extracted the zip prior to installing it on my SD card as I wasn't sure how to extract the zip once it was on my device. Use Astro perhaps, but disk mode when connected to the PC is much easier (if you have access to a PC, I guess).
I was confused about "Install Gscript (inside /sdcard/gscript)" as I couldn't specify where it was installed, however GScript Lite installed from Market using it's defaults worked just fine.
Just to be clear, make sure you're rooted prior to running the script...