jaggz - What You've shown is just executing a "REXX in batch", and that has got nothing to do with the title of your thread.
If you want to convert some REXX code to load-module, one way is link-edit it using the version control tool, if available.... Most of the shops have version-control-tools therse days; however, compilation of REXX code is not included at ever place, you might be lucky one if it's available. At one of my shop, we were able to compile REXX using Change-Man and then it was distributed to the libraries. Check if your CM-tools are modified to have this capability.
If you just want to protect the Rexx code then place it in a Library that the user community has read only access to. Only authorized people have update access. This allows easy access to changes when necessary. This library either needs to be allocated in the general logon proc, or be able to altlib to, or do an alter of their syspproc dd...