Another way to handle this is to have any subVIs that you want to
close watch a notifier and close if the notifier tells them to. Then
in your main VI code open a reference to the front panel (use the
Current VI's Path function and connect it to the VI Path input of Open
VI Reference), connect the reference from the Open to an Invoke Node
and select the method: Reinitialize All to Default. This will change
everything on the front panel to whatever the default was the last
time that you saved the VI.
Oh and don't forget to close your reference once you're done with it.
Opening references without closing just chews up memory.
Rob