This is what most of my VIs do with the various sync objects (including dynamic event regs).
The problem is this: Alpha is going to dynamically launch Beta, and needs some kind of sync object to communicate with Beta. It needs to know that once that object exists, it can be used and Beta will (eventually) receive all signals sent to it. Two solutions present themselves to me.
Alpha creates the object and passes ownership of it off to Beta. I dislike this because it violates the destroy what you create practice, but it is the simplest way to solve the problem. Even if it's a dynamic event reg, if Alpha creates it, the reg is capable of receiving events even before Beta is ready to receive them.
Alpha creates a temporary sync object to pass to Beta (usually a notifier to hold the final sync object reference), starts up Beta, then blocks on the temporary notifier. Beta starts, creates the permanent object which it owns, and signals Alpha using the temporary object, then continues on its way. Meanwhile, Alpha receives the permanent object reference, takes note of it, and continues on it's way, passing signals as appropriate.
The second way is by far the more extensible of the two, but there is that added layer of complexity.
Of course the whole situation is made much easier if we just don't care if Beta misses a few signals. In that case the ownership of the sync object can be managed by Alpha.