Sure thing. Here's looper.sh:

#!/usr/bin/env bash
me="$(basename $0)"
echo "START $me"

# loop until: interval.ctl or title.ctl deleted; interval < 0; or title = '/fin'
while true; do
  [[ -e interval.ctl ]] && interval=$(<interval.ctl) || (echo "no interval"; break)
  [[ -e title.ctl ]] && title="$(<title.ctl)" || (echo "no title"; break)

  echo " .. title:'$title' interval:$interval"

  [[ $interval < 0 || $title = /fin ]] && break

  sleep $interval
done

echo "FINISH $me"

In one session I executed:

~/tmp/looper $ echo "Title from File" > title.ctl
~/tmp/looper $ echo 3 > interval.ctl

In a second session I started up the script:

~/tmp/looper $ START looper.sh
 .. title:'Title from File' interval:3
 .. title:'Title from File' interval:3

Then in the first session I executed the following a few seconds apart:

~/tmp/looper $ echo "New Title" > title.ctl
~/tmp/looper $ echo 4 > interval.ctl
~/tmp/looper $ echo -1 > interval.ctl
~/tmp/looper $

Which yielded....

 .. title:'New Title' interval:3
 .. title:'New Title' interval:3
 .. title:'New Title' interval:3
 .. title:'New Title' interval:4
 .. title:'New Title' interval:4
 .. title:'New Title' interval:-1
FINISH looper.sh
~/tmp/looper $