I think you need to have a sub-VI that has two modes. Read / Write data or initialize data. Call it once when you need to initialize the SR (Shift Register) and call it again when you need to Read / Write data. I don't have LV 7.0 but here is an image.
Matthew Fitzsimons
Certified LabVIEW Architect
LabVIEW 6.1 ... 2013, LVOOP, GOOP, TestStand, DAQ, and Vison