A way to form a 'select' on MVars without polling

I have two MVars (well an MVar and a Chan). I need to pull things out of the Chan and process them until the other MVar is not empty any more. My ideal solution would be something like the UNIX select function where I pass in a list of (presumably empty) MVars and the thread blocks until one of them is full, then it returns the full MVar. Try as I might I can think of no way of doing this beyond repeatedly polling each MVar with isEmptyMVar until I get false. This seems inefficient.

A different thought was to use throwTo, but it interrupts what ever is happening in the thread and I need to complete processing a job out the the Chan in an atomic fashion.

A final thought as I'm typing is to create a new forkIO for each MVar which tries to read its MVar then fill a newly created MVar with its own instance. The original thread can then block on that MVar. Are Haskell threads cheap enough to go running that many?