Marc,
If I read the program correctly, you are not going to do much better than that. The Fetch (Output Buffer).vi asks for 10 samples at 16 bytes per sample. At 9600 baud and 11 bits per character, it takes more than 180 ms to return the data. This does not include time to send commands to the instrument or for the instrument to respond.
I do not know this instrument, but check to see if it has a binary or simplified data format which requires fewer characters per sample. If you can get down to 5-6 characters per sample that alone will give almost a three to one speed up. Higher baud rates, if possible, would help also. You will probably need to use something other than the default setup for the instrument to get this performance.
Lynn