Hello,
The way it looks like you are describing, no, it would not be possible.  Think of the Analog input and Analog output circuitry as a resource.  All analog input channels must be configured and used within the same task.  You must clear that task in order to add/change the channels used.  The same is true for analog output.
However, you might not have this limitation if you are doing acquiring/generating single-point updates.  (The "task" is cleared as soon as the point is retrieved/output.)  So one program could acquire one point from channel 1 and then the other program could acquire one point from channel 2.  The same would be true for analog output and digital I/O.
You should be aware that The Traditional NI-DAQ driver is only single-threaded.  So,
 though you may be able to have two processes running "simultaneously" that both have access to the driver.  They had better not try to both initiate a function call at the exact same time or you will get an error.  (So to insure reliability, you would have to manage your code such that this doesn't happen.)
Russell
Applications Engineer
National Instruments
http://www.ni.com/support