This would allow you to call the subVI early in the program with an Initialize action. The Initialize case would run the NI switch part of the code and store the reference coming out in the uninitialized shift register. When you call the subVI later, you would use another case that uses the stored reference to execute the other portions of the code.
Where this could get a little tricky is if you are using this code to handle multiple references. In that case, you may need to set your references to be an array where you use an index value to initialize and retrieve the appropriate reference out of the array for the code.