You can do that, if you handle that text file was changed. In the changed event of text file, you can restart that process to get new arguments in text file.
Ex:
private void Form1_Load(object sender, EventArgs e)
{
FileSystemWatcher file = new FileSystemWatcher("C:\\Text.txt");
file.Changed += new FileSystemEventHandler(file_Changed);
}
void file_Changed(object sender, FileSystemEventArgs e)
{
}
Note: Don't always open this text file when reading arguments to execute process, because this time will lock text file, so you cannot edit text file.
Hope this help