Two lookup tables with 500 entries are peanuts for labview. This will
not be the bottleneck. I would guess that your "lagging" (whatever you mean by that) is caused by something else in your program design. Make sure there is a short wait statement in your main loop, else the user interface might get starved for attention.
Please post some of your code.
In any case, your function is probably quite simple, shouldn't it go nearly with the cosine? You could probably decimate it to 20-50 points and use a spline between them. The simple lookup table is probably faster and easier though.