Not to sound like the eternal pessimist here, but on what grounds do you claim that this is the main event script? (aside from the fact that the file has FF8's event script programmer's name in it). It's a large file, and it resides in the 'battle' folder, so it's more likely to have something to do with, oh I don't know, battles?
Anyway, I'm more curious to learn what those damn "AKAO" blocks are... they're present in more games that I can count on my fingers, and I've never found a good explanation on what they are...