Dear Chris,
Thanks for using the National Instruments Developer Exchange.
Yes this is possible, but you will need first to acquire the waveform and then configure the function generator (NI-5411) to download the waveform you just acquired to the memory of the ARB and then play it continuously.
You will have plenty of shipping examples available when you install the driver NI-SCOPE in your computer, look in the subpallete NI-SCOPE in LabVIEW.
Once you have learned how to acquire waveforms with the Scope you will be able to download this waveform the ARB and play it.
I also recommend you to look the examples, especifically the example called: "niFgen Arbitrary Waveform Example.vi" that will clarify to you the process of downloading a waveform to the Device and
play it.
If you have more questions I recommend you to send an e-mail directly to our technical support by going to the web page: http://sine.ni.com/apps/we/niae_asc.main
and selecting E-mail NI Engineers.
Best Regards.
Omar De Andrade - Applications Engineer
National Instruments