Reading null delimited strings through a Bash loop

The preferred way to do this is using process substitution

while IFS= read -r -d $'\0' file; do
    # Arbitrary operations on "$file" here
done < <(find /some/path -type f -print0)

If you were hell-bent on parsing a bash variable in a similar manner, you can do so as long as the list is not NUL-terminated.

Here is an example of bash var holding a tab-delimited string

$ var=$(echo -ne "foo\tbar\tbaz\t"); 
$ while IFS= read -r -d $'\t' line ; do \
    echo "#$line#"; \
  done <<<"$var"
#foo#
#bar#
#baz#

Pipe them to xargs -0:

files="$( find ./ -iname 'file*' -print0 | xargs -0 )"

xargs manual:

-0, --null
    Input items are terminated by a null character instead of
    by whitespace, and the quotes and backslash are not
    special (every character is taken literally).