I would probably have used eor.b #1,d0
As an aside I tend to have to do this a lot in my stuff, so I always opt to use a frame counter when doing it.
Code:
loop:
WAIT_FOR_FRAME
addq.l #1,FRAME_COUNTER
move.l FRAME_COUNTER,d0
and.l #1,d0
beq do_something
bra do_something else
bra loop
I really would look to learn the inner workings of 68k. When I was younger I didn't pay any attention to status flags, I also didn't pay attention to detail on not, neg and particularly the effects of ext. The set instructions are all useful too.