Made you a script!
Copy the following text to file and name as *.vbs. I hold no copyright for this, so share and modify as you like.
Option Explicit
Dim WSHShell, strSetting
Set WSHShell = WScript.CreateObject("WScript.Shell")
'Determine current proxy setting and toggle to oppisite setting
strSetting = wshshell.regread("HKCU\Software\Microsoft\Windows\CurrentVersion\Internet Settings\ProxyEnable")
If strSetting = 1 Then
NoProxy
Else Proxy
End If
'Subroutine to Toggle Proxy Setting to ON
Sub Proxy
WSHShell.regwrite "HKCU\Software\Microsoft\Windows\CurrentVersion\Internet Settings\ProxyEnable", 1, "REG_DWORD"
End Sub
'Subroutine to Toggle Proxy Setting to OFF
Sub NoProxy
WSHShell.regwrite "HKCU\Software\Microsoft\Windows\CurrentVersion\Internet Settings\ProxyEnable", 0, "REG_DWORD"
End Sub