GameLoop design.

Although I have not yet decided which library I will use to measure and control time, I am thinking of how I might design the main game loop. Would it be better(faster/easier) to just manually create a loop and handle general events such as 'handleEvents()' and 'draw()?' OR is a more dynamic approach better, i.e. off the top of my head;

scheduleLoopEvent(draw, 200) //init of a new general loop event;

Where, draw is the name of a function pointed to, and 200 being the time interval at which to execute the function pointed to-- In other words, call draw() every 200 milliseconds. All scheduled tasks might be arranged by rate/frequency in a vector of tasks. Would the extra overhead be worth the ease of use? Is this a stupid idea? Are there better alternative designs?
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