There is some missing information that makes it difficult to answer your questions. First and foremost, are you planning on using SRV direct commands, picoC, or some other means to poll the device?
 
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I think you are mixing your user terms for the SRV. Direct commnads are not related to the C interpreter (picoC). Direct commands for reading I2C devices are in the form irab, iRab, iMabc.
 
The C interpreter is picoC. Reading I2C with picoC commands differ depending on what you want to read. There is the generic process to read I2C devices in the form 'readi2c(x, y);' where 'x' is the I2C device address (int device) and 'y' is the port on the device (int register). However, if you are using one of the ADC devices already pre-configured for the SRV, to read these analog devices the code is in the form 'analog(x);' where 'x' is the port of the analog device (int channel).
 
Now, to your specific device at address 0x50 your are correct with the first part of your 'read' request:
 
readi2c(0x50, y);
 
but what you put in for 'y' depends on the device. It will most likely be in hex form (0x..) but probably not 0x00. For instance, there is a digital I/O used on the RCM with eight ports. A picoC read request for this device looks like:
 
readi2c(0x27, 0x12);  to read bank A ports (ports 1 - 8)
 
readi2c(0x27, 0x13);  to read bank B ports (ports 1 - 8)
 
Now, once you've read the device you must specify what to do with the data? If you simply want to see what the value is you need to call a print function 'print(f)' so the value of your read is displayed.
 
Example:  
 
int x;
x = readi2c(0x27, 0x13);
 
printf("%d\n", (x & 0x02));
 
exit();
 
In this example, the digital I/O is read (all eight ports have a value), but only the value of port 2 is displayed per the print(f) statement.
 
 
So, you need to understand what your device offers as options to read to know what value to put into the 'y' section of the read statement; then you need to understand what you want to do with the data.
 
 
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This device may allow for a simple "readi2c(0x50);" and not need a second integer. PicoC, however may need the second int to meet it's formating requirement. You may be able to use "readi2c(0x50, 0);" or something like this. As the bit value is 127 you may need "readi2c(0x50, 0x80);" as this requests a read of all bits. It will take a little bit of research and/or playing around to find a functioning code line.
 
Hopefully you can poll individual sensors on the board; for example, to read the second sensor:
 
int x;
x = readi2c(0x50, 0x80);
 
printf("%d\n", (x & 0x02));
 
exit();
 
 
Another thing to look for, depending on which version of firmware you have the exit(); function in picoC requires an actual int value in the newer versions. If you get an error throwing at the exit(); function then change it to exit(0);
 
Finally, the amount of delay is more likely dependent on your device than the SRV. It will probably require testing to see what it takes. I would guess delay(2); would be sufficient, but again it will take some testing.
 
 
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