for adj = 1:size(loc,1)
    testFunc(data1(loc(i,2),loc(i,1)), data2(loc(i,2),loc(i,1)), othervals)
end

1 3 5
2 4 6

linIdx = sub2ind(size(data),loc(:,2),loc(:,1))

testFunc(data1(linIdx(i)), data2(linIdx(i)), othervals)

ind=sub2ind(size(data1),location(:,1),location(:,2));
output=arrayfun(@(x,y) testFunc(x,y,othervals),data1(ind),data2(ind));

output=arrayfun(@(x,y) testFunc(x,y,othervals),data1(ind),data2(ind),'UniformOutput',0);