One further efficiency note. If you are setting the value of a control, a local is orders of magnitude faster than a property node. In most cases, this isn't an issue, but if you are setting up a lot of controls it can become one. I usually use locals when I can for this reason.
The reason a local is faster is that it is an asynchronous operation while the property node is synchronous. Setting a local sets the value of the control and notifies the LabVIEW runtime that the front panel needs to be updated. This occurs on the next front panel update refresh cycle (occurs at about 30Hz). Setting a property node forces a full update of the front panel for that control. This includes running through all the bounds checking and updating anything else the control may be overlapping - a very heavyweight operation.