Besides the blatant shrink is the lack of care for the recovery model and ensuring the recovery objectives are still in place.

If this script is going to force a change to simple recovery, then it should perform a full backup as well. But placing a database in simple is not recommended for shrinking the log file. Nor is it possible in certain configurations (such as mirroring).

I'd recommend against the use of a script such as this on a production server in most cases.