Ideally if you are dealing with very large sets of data, then you should try to allocate the memory beforehand.
The best way in terms of memory is to initialize an array that is at least as large as the max amount of data that you think you will have. Once this is done, then you can insert data and pull out data as desired. By initializing the array you allocate the full memory chunk and assure that you won't be bogging down the processor as you add new information to the array.
Another thing you want to make sure of is to not display the data until absolutely necessary. When you present the data on the front panel it will use some of your resources and slow things down.
Finally, for more information on proper memory management you might want to check out this Tutorial:
Managing Large Data Sets in LabVIEWOr if you prefer it as a presentation go here:
Managing Large Data Sets in LabVIEW