Bob,
It is fairly easy to use the multiply function (or any function) in many places on a block diagram. The question to ask is how many different channels and types of scaling factors do you have. If you need to scale channels by the same amount in multiple places on your block diagram, then it is typically wiser to make a subVI out of the code. This also allows you to adjust a scale once (if you need to) rather than in multiple locations on a block diagram.
Regards,
Aaron
LabVIEW Champion, CLA, CPI