Hi @ShipStud, thanks for the good question. Right now, it is possible to use interactions to do some nice effects, but only when the element is triggered by a section scroll into view/out of view.
The ability to affect/monitor an element while the page is scrolling was not included to Interactions 1.0 in Webflow (so at the moment, to do this would likely require some custom coding such as jQuery plugin or something like that).
That is all changing in Interactions 2.0, sign up for the beta here: https://webflow.com/feature/interactions-v2
With IX 2.0, You will easily be able to animate an element while the page is scrolling. It is awesome.