NOSCRIPT is a tag that delivers content to non-script enabled user agents so it's a perfectly valid tag to use and populate with content. However, ethically, NOSCRIPT should be used to present an alternative to SCRIPT when it is present. The idea of this test is to see whether NOSCRIPT can indeed offer results to websites in Google that are largely image based such as designers and illustrators sites.
Sure, as it's content. But, since we're talking Google here the same rules apply as with any other site; get good quality inbound links with varying keyphrases that describe the resource. This exercise is aimed at getting the phrase "does Google read NOSCRIPT" into some sort of position within Google based on a website that only displays an image.
We have applied all the usual techniques in SEO such as short, focused and descriptive title, good document structure and plenty of text in the paragrpahs.
Now we need to see whether this information serves as food for Google and offers any ranking benefit. Phase 1 of the "does Google read NOSCRIPT" test involves not using the SCRIPT tag. This will allow me to check whether Google sees NOSCRIPT as a spamming method. In theory, it should question it as NOSCRIPT shouldn't exist without SCRIPT. Why would it?
Phase 2 is to establish the results and then write the image to the screen using JavaScript. This will tell me, after a little while, whether there are any benfits at all, and if there are, which way serves best.
More info at http://blog.tn38.net/archives/2005/06/noscript.html