Sharjil,
For loops running in parallel, try looking at the templates of producer/consumer or master/slave loops. Try File>>New... and then select VI>>From Template>>Fameworks>>Design Patterns and look for what best fits your application.
For feeding live data into running loops, you can try references. For example, if you have a numeric somewhere outside and you want to use live data from that numeric in the loop, right-click the numeric, Create>>Reference, and place it in the loop. Then go to Programming>>Application Controls in the Functions palate and select Property Node. Wire the reference to the reference in, right-click the drop-down to make it read or write as appropriate, and then left-click and select what you want. It sounds like you want the value of the referenced numeric. Then use the node output. An example VI is attached. While the loop is running the numeric updates from outside the loop.
I hope that helps.
David C
Applications Engineering
