NewData events, like Timer events, are queued on the main thread message loop and handled in turn. Assuming that you have a multi-core CPU or multiple CPUs and that the OS thread scheduling takes advantage of this then I can see that you could handle more events by shunting them off to their own thread, although the amount of work each of those threads needs to do would need to substantial as the overhead of creating the thread will be incurred on the main thread anyway.
I have tested my Threading library on B4J and as expected it works as it is pure Java with no B4A dependencies. If you don't already have it you can find it here.
http://www.b4x.com/android/forum/threads/threading-library.6775/
I've attached a B4J demo equivalent to the B4A one so you can see that it works.