After installing Mac OS 8.5, there will be two AppleScript folders in the Apple Extras folder, the old folder with the trademark symbol and a new folder without. The old AppleScript folder is left in the Apple Extras folder, in case you have moved other material to this folder. The old Script Editor is deleted from the old AppleScript folder, and the new Script Editor placed in the new AppleScript folder.
If there is nothing in the old AppleScript folder that you wish to save, then you may safely move it to the Trash.