There are two techniques I have developped in LV 5.1 to detect when the user releases the mouse to latch a value. See the attached files. I'll explain a little since they are tricky.
MouseTrack.llb: the VI detects when the user is editing a control by polling controls for changes. When a change is detected on a control, I make visible a transparent picture control that covers the whole panel. This picture control doesn't get the mouse focus as long as the user keeps editing the control. When the user is done with the control and releas the mouse, then the picture control gets the mouse focus, an event that is detected using the mouse position attribute.
Latchslide.vi: The slide has two sliders. one is transparent and covers most of the
control area. This slider is operated by the user. On the diagram, this slider is constantly pushed offscale by writing on a local variable. If the slider stays offscale, that means that the user has released it. The value can be latched. If the slider stays in scale, that means that the user is still holding the slider. The second slider is used to display the actual value of the transparent one.
Of course, LabVIEW 6.1 and the event structure renders this obsolete. Enjoy.