I’m trying to limit the amount of data transferred from my Particle Photon board to the Particle console to 1 line of data per second. I don’t have the exact code that I am going to use, but I guess a good example would be blinking an LED: when the LED is on the console prints a 1; when it is off, the console prints a 0.
That depends on what exactly you want to do. If the LED is going on and off more than once per second, then there's no way to limit your data transfer, and get all the data, unless you combine multiple events into one. It would be helpful to know what your ultimate goal is, and what will be the frequency of events you expect to be generated.