You are correct in assuming that the port is reconfigured each time in
a loop iteration when using high level VI's. One solution would be to
use one port (bits 0 to 7, or Port 0) to set your output bit high.
Use a different port (Port 1 or 2) to read your required inputs. If
wired correctly, port 0 will always be an output and will keep your
bit high while reading port 1 or 2. Using high level VI's, you will
not be able to write one bit high and expect it to stay high when
reading other bits on the same port.