Hi Peter!
The solution you've talked about I know from some of PLC machine's controllers. Some of PLCes are using its special language (similar to Basic).
I am sorry, I don't know any article or description of solution like you've asked about. But I think you should ask PLC manufacturer like Schneider, Siemens or similar. Maybe some books about an old 8-bit computers could help you. The main idea is similar I think.

Good luck!
Jacek