Compile AppleScript into application with parameters

There is an AppleScript method:

on displayError(theErrorMessage)    display dialog theErrorMessage    return "done"end displayError

I wanna compile this script with passing parameter into (not run it with osascript!)My_Application.app

something like

osacompile - o My_Application.app My_Script.applescript "This is error message as parameter"

In this case, I will have compiled app which I can run. Looking for a command on how exactly to compile the script with passing parameters. As compilation takes a lot of time - I wanna do it only ones. After run My_Application.app what is in times faster than do it via osascript. If input parameters changed - just recompile the application.

A good option is to collect somehow return value from running app, but it is a little bit another question