You can use the drag-and-drop to script window feature via Exposé in Panther.
Get the element moving with the arrow tool as usual, holding the mouse button down. Invoke Exposé in either all windows or all application windows mode. Rest the cursor in the appropriate window and WAIT. (Don't let go of the button, and don't type the Exposé key again) After about a second the window will blink and come forward. Then let go to drop the code.
You can maneuver in the script window before dropping, but there's no cursor feedback so YMMV.
This works for dragging any (I think) text between apps, anywhere you would normally make a clipping.
