What you'll need to do is to use a while loop to monitor the state of the control. Based on that, you can make other controls visible or invisible, change the strings of a single control, or make controls enabled or disabled. I've attached a simple VI that shows how to make multiple controls visible and invisible. I've only done a few of the arming mode options. For a complete solution, you're going to have a lot of property nodes and I would look at using control references inside of a sbVI. Another way to do it is to forget about emulating the instrument's panel altogether and use the versatility of a computer screen. You've got a lot more real estate than most instruments and have things like tab controls that a user can select.
