mack, the LEDs need to blink all at the same time, so that will not work.

Mel, use arrays and a for-next loop - along these lines?
Code:
Loop:
for x = 0 to 7
  If LoopLED[x] = 0 then
    LoopLED[x] = LoopCON[x]
    Toggle PORTB.x
  else
    LoopLED[x] = LoopLED[x]-1
  endif  
next x
Pause 10
Goto Loop