You were very close !!
I just downloaded the PdaNet application to test this, and the only edit I had to make to your script was change PdaNet
to 'PdaNetMac` ( I was thinking that this is the Process Name and so used the process name displayed in Activity Monitor).
So this works for me:
ignoring application responses
tell application "System Events" to tell process "PdaNetMac"
click menu bar item 1 of menu bar 2
end tell
end ignoring
do shell script "killall System\\ Events"
delay 0.1
tell application "System Events" to tell process "PdaNetMac"
tell menu bar item 1 of menu bar 2
click menu item "Connect" of menu 1
end tell
end tell
Hope this works for you too !!
(Very useful script, btw. Cheers !)