New version, Pingy v1.1 that has all the features suggested above.
Run it once to create a pingy.ini configuration file, then edit it to change the IP address and Interval (in seconds). Set Interval=0.5 to ping twice a second, etc. Double-clicking the IP box allows entry of a new address for testing, but does not update the pingy.ini file -- this is by design, to prevent trash from getting in there by accident.
Set AutoStart=1 to have Pingy begin pinging as soon as it starts.
Please let me know if it works for you, David!