While I never used this function (InstallComCallback()) you might want to try it (if you haven't already).
I am not quite sure about its response time, but if you are not getting it to work correctly, (which would not surprise me too much in view of the delay you want), You can try to launch all the RS232 methods in a separate thread, in where you can implement a loop to pool continuously the com port.
Hope that helps,
Best Regards,
Farid.