lightblue,
Just to make sure we are on the same page, you would like to set the position, then monitor it. Is that correct? In that case, you might have a few options. You could have a sequence that would set the position, and then a while loop that would monitor the position, however this wouldn't allow you to update anything else. The other option would be to use parallel while loops, which would be similar to the parallel sequence structure you have below. The only issue with this would be that if you are calling the driver from both loops, you could run into errors. The Vibration Analysis.vi takes the setpoint, then calculates the actual available position, so it won't serve as a very good example, code-wise.
Hope this helps!
Andy F.
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National Instruments