Sometimes polling is a necessity, and even more optimal in the end -- believe it or not. It depends on a lot of variables.
If the polling overhead is low-enough, it far exceeds the added complexity, cost, and RISK of developing your own style kernel hooks to get notified of the changes you need. That said, when hooks or notification events are available, or can be easily injected, they should certainly be used if the situation calls.
This is classic programmer 'perfection' thinking. As engineers, we strive for perfection. This is the real world though and sometimes compromises must be made. Ironically, the more perfect solution may be the less efficient one in some cases.
I develop a similar 'process and process priority optimization automation' tool for Windows called Process Lasso (not an advertisement, its free). I had a similar choice to make and have a hybrid solution in place. Kernel mode hooks are available for certain process related events in Windows (creation and destruction), but they not only aren't exposed at user mode, but also aren't helpful at monitoring other process metrics. I don't think any OS is going to natively inform you of any change to any process metric. The overhead for that many different hooks might be much greater than simple polling.
Lastly, considering the HIGH frequency of process changes, it may be better to handle all changes at once (polling at interval) vs. notification events/hooks, which may have to be processed many more times per second.
You are RIGHT to stay away from scripts. Why? Because they are slow(er). Of course, the linux scheduler does a fairly good job at handling CPU bound threads by downgrading their priority and rewarding (upgrading) the priority of I/O bound threads -- so even in high loads a script should be responsive I guess.