MyISAM uses table level locking which means that SELECT:s are blocked while INSERT/UPDATE:s are running.
To mitigate the problem of blocked SELECT:s I’ve been recommended to configure MySQL with these parameters:
low_priority_updates=1concurrent_insert=2
What are the drawbacks of using low_priority_updates=1 and concurrent_insert=2?
Here’s a great post from the MySQL Performance Blog which covers some of this
Another post benchmarks concurrent_inserts and highlights possible downsides, though the post is 3 years old now.