However I am not familiar with the command unregkick, I suggest you change a few things:

menu nicklist { 
  .Unreg Kick ( $+ $iif(%unregkick == on,On,Off) $+ ): {
    if (%unregkick == on) {
      set %unregkick off | .timer[unregkick] off | .notice $chan Unreg Kicks will no longer be performed. 
    }
    else {
      set %unregkick on | .timer[unregkick] 0 300 .msg chanserv unregkick $chan | .notice $chan Activation of timed Unreg Kick Confirmed. This channel is now periodically eliminating unregistered nicks. Please refrain from using such. 
    }

  }
}

This way it:
Will work at the first try!
Will work on the channel you are currently on!
Will silence the message to chanserv and the channel!

Overall, its a nice code, however you can do this with the level system inside chanserv too!