You could either:
1. Design your own floating toolbar using a separate VI panel. Open it dynamically and use the WINUTIL32 VIs to set the window/panel to be "always on top". Checkout the LabVIEW GUI book by Dave Ritter. I think I remember it has some examples of this:
http://www.amazon.com/exec/obidos/tg/detail/-/0071364935/qid=1063351460/sr=8-1/ref=sr_8_1/103-3312723-6787838?v=glance&s=books&n=507846
2. Or you could do it all in active-X using Microsofts "cool bar" OCX component. I'm pretty sure its free, too. An easier, but more expensive option is to use the ActiveBar OCX component available from Data Dynamics:
http://www.datadynamics.com/Products/AB/ProductOverview.aspx
http://www.medicollector.com