I don't use the date and time identifiers very often, I thought $gmt returned a value in a hh:nn:ss format but I see now it doesn't :P I tested it by changing the date of my PC to 26/3/12 (day after the clocks go forward an hour here) and it returned the correct value, but I've just realised it didn't change the time automatically when I did it that way, so yeah you don't need $daylight :P
A simple:
alias pst { return $asctime($calc($gmt - (8 * 86400)),hh:nn:ss) }
If you want to show specific times you should learn to use $asctime then instead of using $time (dependent on the timezone of the person's computer rather then just a standardized time).
I love how you have (PST) in parenthesis, when using just $time returns the time of the machine mIRC is currently running on. It may be PST for you, but for others it could be something else. Example: $time would return 10:16:50 for me and I'm EST. :p
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