The down side is that scripts will need to be updated. Here's an example script that does basically everything that will be possible; if you see something missing that you depend on please let me know.
create window with default profile
create window with default profile command "ls -l -R /"
select first terminal window
create window with profile "Default"
create window with profile "Default" command "ls -l -R /"
-- window-level commands
repeat with aWindow in terminal windows
tell aWindow
tell current session
split horizontally with default profile
end tell
end tell
end repeat
tell current window
create tab with default profile
create tab with profile "Projection"
end tell
tell current window
tell current session
set columns to 40
set rows to 40
end tell
end tell
-- tab-level commands
tell current window
tell second tab
select
end tell
tell first tab
close
end tell
tell current tab
repeat with aSession in sessions
tell aSession
write text "Hello"
end tell
end repeat
end tell
end tell
-- session-level commands
tell current session of first terminal window
write text "cat > /dev/null"
write contents of file "/etc/passwd"
write text (tty)
write text (contents)
write text (unique ID)
split vertically with default profile
split vertically with profile "Default"
split vertically with same profile
split horizontally with default profile
split horizontally with profile "Default"
split horizontally with same profile
set foreground color to {65535, 0, 0, 0}
set background color to {65535, 0, 0, 0}
set bold color to {65535, 0, 0, 0}
set cursor color to {65535, 0, 0, 0}
set cursor text color to {65535, 0, 0, 0}
set selected text color to {65535, 0, 0, 0}
set selection color to {65535, 0, 0, 0}
set ANSI black color to {65535, 0, 0, 0}
set ANSI red color to {65535, 0, 0, 0}
set ANSI green color to {65535, 0, 0, 0}
set ANSI yellow color to {65535, 0, 0, 0}
set ANSI blue color to {65535, 0, 0, 0}
set ANSI magenta color to {65535, 0, 0, 0}
set ANSI cyan color to {65535, 0, 0, 0}
set ANSI white color to {65535, 0, 0, 0}
set ANSI bright black color to {65535, 0, 0, 0}
set ANSI bright red color to {65535, 0, 0, 0}
set ANSI bright green color to {65535, 0, 0, 0}
set ANSI bright yellow color to {65535, 0, 0, 0}
set ANSI bright blue color to {65535, 0, 0, 0}
set ANSI bright magenta color to {65535, 0, 0, 0}
set ANSI bright cyan color to {65535, 0, 0, 0}
set ANSI bright white color to {65535, 0, 0, 0}
set background image to "/usr/share/httpd/icons/small/rainbow.png"
set name to "New Name"
set transparency to 0.5
end tell