I think if there is going to be a script repository that it would need to be a something that could pull the code as it currently stands with a click of a button, add it into your scripts automatically and with an option to take a snapshot of the code itself at that point, you could edit it manually from there without losing the ability to simply reset it.
This would allow for things like being able to 'reset' the copied code to the snapshot of its original format, (I am assuming that the snapshot could be also be reset, overwritten with the current code once you're happy with the changes - the point being that the snapshot is basically a saved format, and the code that the API actually runs is that of the edited version).
The main reason for this being that if the original poster decides to remove his code or change it drastically, you still have a copy that runs as you expect it to, without worrying about extra additions to the source code and still have a copy of what you originally subscribed to, while still allowing you to check updates and see if they are what you want to have running in your game without losing your already edited (and perhaps more suited to what you need) coding. All you would need is a tab or page that tracks which scripts you are subscribed to and that 'dings' as your posts do when there is a newer version of a code to review and perhaps implement in your own list of scripts - which by the way, really should be stored separately to each campaign in a personal scripts collection, and simply tagged from in campaign so that it can access it (and be editable) from those pages. then its a simple matter of applying them to any campaign you are running, instead of having to copy and paste each tab. Just click and add, the same as from the proposed API hosting section, and then edit it directly as you do now.
just don't go losing the ability to easily edit and write your code without having to get it 'officially' published. that would kinda suck.
I really like the idea of a global variable page, it would make editing the files for those who aren't comfortable with coding themselves an easy way of customizing their game the way they want it. granted, some codes will require very little in the way of that, but others already do require a fair amount of customization. I would request that if this is implemented that the global variable file itself is sort-able via some sort of tag system that is easy to follow and understand? perhaps an option to sort them by applicable scripts... similar to tagging, if a variable is applicable to more than one script, it simply shows up in each of the scripts lists. marked with an appropriate symbol or printed in a different color so you can mouse over it and get an info box (or something) that shows what other scripts access that variable (as stated by the various scripts internal tags).
There will also need to be some reasonably strict guidelines and standards of coding to have your code 'published' this way, and it will take resources to test and check all the code for intended use. And I think one thing that needs to be monitored very carefully is that a scripts description is very clear about what exactly the script will do, so there are no nasty surprises - not that every script I've seen and played with hasn't done exactly that - they all explained and documented what needs to be done and what will happen when you run it, but it still needs to be said I think.
The only way to do that, as far as I can see, is to spend the time to do so. And to be frank, the idea of that makes me sad - You guys do a brilliant job of running this site and continually expanding the functionality of it all, and the thought of that ability to continue doing so being stifled (however slightly) because of having to spend more man-hours moderating the use of this new function is slightly depressing.
One work-around I can see to this is a very carefully selected core of volunteers from the community itself that can review the code and ok it - or send it back to the coder with notes on what needs to be improved for useability - before it is passed along to whomever you will have officially moderating the API library.
MY vote is for yes, this should be done at some point; I happen to think that if this is going to happen at all, It needs to happen sooner rather than later. The earlier it is implemented the earlier the community can really start to benefit from a centralized easy to use API. And the better for the people throwing a lot of codes out there - they will have to be modified to match the correct formats for the variable globals and the more they have, the more time it will take them to do so, perhaps even discouraging some from doing so if it requires more time than they wish to spend doing so (though I hope not).