Once upon a time, I tried recreating the wordlocks in RM2K3, but encountered a few difficulties given its limitations. Everything had to be set up using Events and Common Events, including creating a customized menu specifically for entering the words. It was a nightmare.
However, now one exists for RMVX, thanks to the awesome talent of Modern Algebra. I've tried this script and, trust me, it is good - just like revisiting Betrayal of Krondor.
The script and demo can be viewed and downloaded here.