No, you shouldn't use the EVENT_IDLE. That was provided before we had timer controls in CVI. As noted in the help, you should use timer controls instead of the obsolete EVENT_IDLE. Below is an excerpt from the CVI help:
Description: Idle events are sent to the main callback function on a regular basis, as long as LabWindows/CVI processes events. You can set the rate at which idle events occur using SetIdleEventRate. This event is now obsolete; it is recommended that you user timer controls.
Chris