With a small wrapper it's possible to implement GMS 1 project support.

https://github.com/nkrapivin/gmacLaunch/releases/latest

It doesn't matter where you call gmacLaunch, it'll always call GMAssetCompiler at AppData\GameMaker-Studio.
It redirects GMAC output through itself and exits with the GMAC's exitCode.
All gmacLaunch-related error messages are prefixed with `[gmacLaunch-ERR]: `

I tried to implement GMS 1 support myself but I'm pretty poor at JS.