Yes, pretty much, but I don't think PortB.x will work, so...

Code:
	ShadowPortB=0
Loop:
	for x = 0 to 7
		If LoopLED[x] = 0 then
			LoopLED[x] = LoopCON[x]
			ShadowPortB.0(x)=ShadowPortB.0(x)^1
			else
			LoopLED[x] = LoopLED[x]-1
			endif  
		next x
	PortB=ShadowPortB
	Pause 10
	Goto Loop
Where ShadowPort is a BYTE.