Hi Nir,
If you are going to build your application into a DLL, you first need set up the connector pane for your VI.
In the front panel, right click on the icon for the VI (upper right corner of the window) and select show connector. Then, click the various boxes in the connector and then click on whichever controls/indicators you want to be passed to/from the VI. This is how you make a subVI. You could then place this VI in another VI and wire to these controls/indicators.
Then when you are going to make your .DLL click the "define VI prototype" button on the tab where you add the VI. In here you can add the controls/indicators that you earlier selected to the function prototype.
I have attatched a picture of what I'm talking about.
I am not sure how fast data can be returned to MATLAB. I would suspect that if the graph on your VI can keep up with the data, your VI dll would be able to return it fast enough. However, if MATLAB is doing a lot of processing it may slow down how much data you can transfer.
-Sal