Opening the resulting exe file in a Text editor I don't think would count as a "extraordinary" method.
There are other versions of BAT2EXE that make the original stings meaningless in a text editor. The does not mean it is totally secure, but out of the reach of many advanced power users.
Is this worth pursuing?
Another alternative is to have a custom program to deploy passwords over a network. The original question was if you can hide a password in a BATCH file. The short answer is no. The long answer is you can make an utility that is easy to use and get the job done. And it can be put in a batch file.And the batch can be deployed over a network and not revel the password .
Was this a homework exercise?