Hi Kim,
How about the opposite, work entirely outside of ArcMap to create your toolbox and script tools. This is the idea behind Python Toolboxes at 10.1. everything you need to define the Toolbox, the script tools, their paramaters, validation and execution code all in one python script. I would encourage you to check it out because although you know longer have the wizard to step you through the creation of the script tool, it is really more convienent to manage everything in the one python script.