Brad,
The state machine could (should) have an initialization state and probbably a shutdown state. If you use the timeout of the event structure and set the timeout value to other than -1, you will have a place to handle things that cannnot wait for an event. Of course the timeout case will also need to handle the situation where timeout occurs, most likely many times, between events.
I have an application which has a state machine running in the timeout case (the case structure only-it uses the outer while loop) and getting commands and user entered information from the value changed cases. No indicators use property nodes or local variables for initialization or updates.
Lynn