I'm thinking about making repeated
calls (spinning) to
QueryPerformanceCounter in two threads
that will be active at the same time.
Oog. Think about what you're doing and how many processors are available. If you have one processor, this will not work: they can't be "active at the same time" because QueryPerformanceCounter doesn't yield control from one thread to another. I am fairly sure that thread-switching in win32 with single processors has timing granularity on the order of 1msec.
If you have multiple processors, you can get glitchy results (theoretically -- I don't have a multiprocessor PC so haven't observed this myself). More fun discussion of QPC can be found on the internet (see Raymond Chen's blog for instance)
If you really want to spin-wait for optimizing timing, I'd suggest you ask the best way to do this on one of the game programming forums where there are experts on such things.