When the "Hide In SuiteBundle" option is selected, NetSuite says "User cannot view, edit, or download the script file" in their documentation. If I stumbled upon a way to view these "hidden" files, is that a major red flag, or does NetSuite only promise to hide the contents of these files when users are attempting to view them via the File Cabinet UI? I thought that this would provide better security around my bundle's files...

You might consider contacting NetSuite - that said, I will never hide work I've done for a client from the client. Unless you are selling the bundle over and over with no modification at individual customers, I'd recommend against that option.

Thanks @KevinJ of Kansas I've reached out to NS and the SDN team is looking into the question.