Hi
It is a good way, doing it like that.
There are also other ways. And the easiest one, that people tend to use imediately are the global variables.
If you can, avoid using them - when you use them a lot, sooner or later you end up in having problems (it is very difficult to control the data flow of your program like that). A good way of doing it is using the so called LV2 globals.
It is called like that beacause it was introduced in version 2 of LabVIEW- it consists of a subvi with a while loop with a non-initialised shift register. Because it is in this situation, it keeps the value of the last time it ran and even has the advantage that you can even place some code in the variable like this (like a case structure to read and write the value). The biggest advantage is that you can control the flow of the program - beacause the vi cannot run concurrentely.
Take a look at the following example:
Hope it helps,
Paulo