If you want more accurate timing and faster updates, you may have to use LV real time. just serach ni.com for real time LV.
In LabView 7.1, you can use a timed loop that will supposedly run faster. However, the AO update function takes some ms to execute, so the timed loop may not help.
what is the time delay between updates that you are looking for ?
Are you sending a waveform to the controller ? If so, you can use buffered output, and it will satisfy the timing requirements