Short answer is yes, but I would not "check periodically". I would set up my own timer on the form that alerts me that n seconds have gone by and I should try again later, etc. However I don't think there is much you can do besides wait for the API call to return. Like I don't think you can cancel that call or anything, you just gotta let it run its course.
Yes!
I made 2 Classes many years ago that used bits of that code; One was the CountDownTimer to be used as a non-graphical Windows Timer, and the other is clsPerformanceCounter, which can be used to measure the time it takes code to execute, and is accurate down to 300 nanoseconds.





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