I don't think it needs a script, I think you just need to set that Paint Effects menu item as a shelf or marking menu item somewhere handy so you don't have to keep switching to the Rendering menu every time you want to make a renderable curve.
Once you've clicked that button, all the controls you need are easily accessible in the
Channel Box or Attribute Editor.
It even has a curve input for controlling the segment width at percentages along the curve... pretty handy.
I just wish you could assign a proper material to it... mine always come out solid black
Maybe I could look into a script just to build a mesh that you can assign a material to and still have it linked to the original curve.