Timers in scripting: setInterval function or trigger an action every few seconds

trevorn1

Is there an option to set timers in scripting to make a function or action repeat at a certain interval? Or I guess one could do that in Event Scripts and I could create a midi toggle button for a function. For example create a midi in that triggers something like:

if (MidiIn numbers == 0){
return 
}else if (MidiIn numbers == 1) { 
action
wait msec 500
}

or should I do this in periodic scripts? Don't want to create a runaway train.