George,
I've never seen an event being missed and my understanding of the event system is that they are buffered by the system.
BUT it is seen as bad style to do the real work inside an event handler - unless it is really a quick and easy job. The better way is to just generate a named queue or similar means and to use this to send some commands to parallel running loops.
So you have an event handler in one loop that waits for the event(s) and sends commands to other loops or processes. In the case of a timeout of that event handler it checks your shared variable and stops your loop.
In a demo on the last NI LV user meeting here in Berlin I have seen some missing data when arrays have been transferred via a shared variable. In order to avaoid this possible problems you might want to run a third parallel loop that accesses the shared variable and buffers the result in a local to be accessed in the timeout event. Or it could send an occurence or so to the other loops to stop.
just my Euro 0,02!
Greetings from Germany!
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Uwe