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Aren't you worried about the difference between the scripts on your local drive and the ones in QC?
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Most of our QC servers are in US and we don't have enormous citrix accounts, working in version control projects will kill our patience. So i use to do all the activities in my local machine and finally i will change the code as per QC, and upload it.
You should be able to do this simply by using the API to get the test, then getting the attachment factory for the test and downloading all the attachments. At least that is sufficient for BPT and I'd assume it should work for standard QTP scripts as BPT is just actions under the covers anyway. To get any function libraries, ORs, etc you need to do the same for the folder they are stored under.
Santu, As Brendan mentioned you can use QC API and the connect to the ExtendStorage object and download the whole test. Or else you can use a QTP AOM script which will open a script from QC and do a SaveAs to the local drive