While you could obtain a list of the items in the list using the SharePoint search event and then use that list to iterate through the items and update them one at a time in a SmartObject event, that would be inefficient.  Completely doable, but it might put extra load on the SharePoint &/or K2 server.  If you're going to do this consistenly as part of a process, you may wish to consider creating a web service on the SharePoint server that uses the API to quickly update the items.  You could then just call this one web service to accomplish all of the udpates.

Thanks David. I appreciate your reply. This will only be accomplished once each quarter or approxiimately every ninety days. With that in mind the your first alternative of looping through the SO is feasible. Looking for documentation on how to do this. Can you point me to a link. Even a K2 lab would suffice.

I'd love to know how to set up a web service and do what DavidL suggested.  Since I don't, when I'm in a similar situation to your, I just set the workflow to run when an Item is modified.  I then created a SharePoint Col. called RunMe.  Turn on inline editing, and change 3-4 items at a time by pasting something data into RunMe.  The change in the item will kick off your workflow.  Very inelegant, but like I said, the best I know how to do.