If you need realtime, then you need realtime. If you don't need true realtime, then by all means, fake it. Of course, to run at 10MHz is asking a lot of anything, including Realtime.
If you could provide some more detail as to what you are trying to accomplish, someone may be able to help.
As for your implementation, getting your software to synchronize with hardware at 10MHz is impossible. The time it takes to get the signals from the hardware alone would probably cut you down to less than 5kHz, probably a lot worse.
Also, I don't believe that LabVIEW RT is yet capable of 10MHz, but don't believe me for a minute.
If you want to avoid buying LabVIEW RT, and instead, waste more time and money, there is a way to do realtime, without LabVIEW realtim
e. Get a copy of Gary Johnson's "Power Programming" third edition. In about chapter 22, they discuss downloading LabVIEW to linux on an embedded system. This includes Linux Realtime. However; this means buying a copy of LabVIEW for Linux, so you may as well just get LabVIEW RT.
Of course, the real question here is: Do you really need realtime, or do you just need 'realfast'. There may be a way to get close to 10MHz with hardware, but you can't do it with software/hardware. Windows just has way too much overhead, and the ms timer is only accurate to 55ms!