Hello Juddster,
If I am understanding your question correctly, you are asking if there is a way to not constantly poll your instrument while using the serial read function. I have attached a link to a KnowledgeBase that explains the use of a VISA Wait on Event VI that will allow you to have the VISA Read function wait until information is at the port. Thanks again and have a great day!
Link-
Preventing LabVIEW from Continuously Polling the Serial
PortRegards,
Nicholas K
National Instruments
Applications Engineer