Thanks Brandon,
I neglected to mention I am using 7.0, so I can't run the attached VIs, would it be possible for you to save them in 7.0 format?
I have tried something similar before, and the LV IDE loads the DLL once and data can be shared between apps, but when both are compiled this link breaks (like it should I suppose). I am still unsure what happens when a DLL is dynamically loaded loaded using a call-by-reference function.