You will find several posts on target LV ARM to custom hardware in the following group:
http://decibel.ni.com/content/groups/the-vi-ruckus-project
[LabVIEW for the ARM microcontroller LM3S8962] DESIGN RUCKUS
It lists a step by step guide to create a target. It is really easy.
The smaller the target memory the less you will be able to use LV debug features.
