You are on the right track, you can use Select
+ Concat
to flatten out the observable and limit the number of inflight requests (Note: if your task takes longer than the interval time, then they will start to stack up since they can’t execute fast enough):
var source = Observable.Interval(TimeSpan.FromMilliseconds(100))
//I assume you are doing async work since you want to limit concurrency
.Select(_ => Observable.FromAsync(() => DoSomethingAsync()))
//This is equivalent to calling Merge(1)
.Concat();
source.Subscribe(/*Handle the result of each operation*/);