Digitally modulating the injection point in an injection locked ring oscillator (ILRO) allows it to simultaneously serve as both a multiphase generator and phase interpolator (PI) or phase rotator resulting in a compact and low power architecture in nanoscale CMOS for multi-Gbps dense I/O applications. This paper describes design considerations for a 16nm 14 GHz time-modulated ILRO PI, including the trade-offs associated with determining their injection strength, modulation frequency, and pattern. Based on post-extracted simulations, the overall PI consumes 24.1 mW, occupies an area of 0.0033 mm$^2$, and has a rms jitter of 592 fs in the typical process corner.