Hi AndyJosh,
I don't know exactly how the Pscyhtoolbox works, but generally LabVIEW can do anything that can be done in text based languages (including calls to the Windows API and/or your graphics driver), so what you are trying to do should be possible.
Also, you may also call your MATLAB® script directly using the MATLAB® script node found on the Mathematics»Scripts & Forumlas»Script Nodes palette. Note that this requires you to also have MATLAB® installed on your computer.
Eric V
National Instruments
Applications Engineer
Certified LabVIEW Associate Developer
"I'm a Ramblin' Wreck from Georgia Tech and a helluva (NI Applications) Engineer!"