Yes, this is possible, though as Bob suggests you'd need to put the Write LabVIEW Measurement File in a loop.
This is a little bit confusing, as your DAQ is happening in a loop at a slow rate as you say, and then your file i/o would happen inside another loop within your DAQ loop. This is the only way to do it with a single copy of Write LabVIEW Measurement File on your diagram.
I've included a ZIP file with a VI (saved in LabVIEW 8.0) and the data files it produced (I did 16 channels). In case you don't have LabVIEW 8.0 I included screenshots of the diagram and the Write LabVIEW Measurement File config page settings.
Hope this helps!
Message Edited by Jeff B on 02-17-2006 08:02 AM