Hello Ralph,
Basically, you want a loop inside of the same sequence step as your delay. This loop will update the indicator on the front panel and terminate when the slow operation completes. The termination is handled by a local variable that can be written after the slow operation using a sequence or by a dependence on an output of the slow operation.
I've attached a simple example with a progress bar. It looks better in LabVIEW 7, but I've also included a 6.1 version; let me know if you need a different version. The local variable is a simple stop button; I would hide this control on the front panel for actual use, but left it visible to make clearer how I implemented it.
Let me know if you have any questions or if I can be of further
assistance.
Have a good day,
Kyle Bryson
National Instruments