Actually it is possible for Lookout to respond to only when there's a change. This is implemented using the Report-by-Exception ("unsolicited messages") functionality of Modbus protocol. To set this up in Lookout, you check this option under Advanced settings of the Modbus object.
With this setting, the device would "call back" the Lookout Modbus object asking "hey, my data has changed, please poll me." Then the Lookout Modbus object would schedule a poll to the device and get all data.
Hope this helps,
Khalid