How can I select() (ie, simultaneously read from)

Question

I have a program that accepts input on one FIFO and emits output to another FIFO. I want to write a small script to control this program. The script needs to listen both to standard input (so I can input commands to adjust things in real time) and the program's output FIFO (so it can respond to events happening there as well).

Essentially my control program needs to select between standard input and a file (my FIFO).

I like learning how to figure out how to develop simple and elegant bash-based solutions to complex problems, and after a little headscratching I remembered that that tail -f will happily select on multiple files and tell you when one of them changes in real time, so I initially tried

tail -f <(od -An -vtd1 -w1) <(cat fifo)

to read both standard input (I'd previously run stty icanon min 1; this od invocation shows each stdin character on a separate line alongside its ASCII code, and is great for escape sequence parsing) and my FIFO. This failed epically (as does cat <(cat)): od gets run here as a backgrounded task, so it doesn't get access to the controlling TTY, and fails with a cryptic "I/O error" that was explained incredibly well here.

So now I'm a bit stumped. I realize that I can use any scripting language like Perl/Python/Ruby/Tcl to solve this; my compsci/engineering question is whether/how I might be able to solve this using (Linux) shell scripting.