There is no fixed rule. Generally it is better to open it once outside the loop and then release it at the end. However some components are not written in a way that allows that without having the previous execution influence the next one, and then it is sometimes necessary to open and close the object every iteration.
After checking with Ravi, I have created a Bitbucket repository:
https://bitbucket.org/lavag/labview-task-manager
The project contains the following
Wiki for details on the task manager
Commits for all of the versions with release notes (R1 - R6)
Issues known to date
Please join the lavag group on Bitbucket to contribute! I welcome your comments and suggestions for the Bitbucket project.