Exact scenario to use __wait_on_bit() ?

I have a queue where processes queue up I/O. Driver must pick any one
I/O request from the queue(based on some criteria), do the I/O and
then wake up corresponding process.

Problem: How to selectively wake up a particular process from the
middle of the Wait Queue? Instead, can I use __wait_on_bit() for this
scenario?

TIA,
Indro