I am assuming that you are using a multifunction DAQ card
Since all your AI channels share a single ADC, as AI read in one loop has reserved your ADC and the other loop is trying to access it at the same instant, you are getting this error
Infact i am surprised how come this error did not show up in LabVIEW 6 itself??

Which DAQ card are you using??
And if you want to continue as per your old method ( which is probably by performing single point AI read in two loops), I suggest you perform some software synchronization between the two loops
Use semaphores and thus ensure that the two loops do not conflict for the same device (and hence you will avoid the error)
Look at this
link or look at semaphores examples shipped with LabVIEW
Again, there are a lot more things that I would suggest.
Get to using DAQmx device drivers, if your device supports it ( I suspect you are using Traditional DAQ functions)
Perform a hardware timed continous acquisition in a single loop and then seperate/decimate out the AI and TC data