Hello Khalid,
You are right, you will have to choose other directory for another version of labview. But you cannot have two different version of NI DAQ on the same machine. Thus while installing the newer version of Labview I would suggest that you uninstall the older version of NI DAQ and have the latest version of NI DAQ on your machine ( that goes along with the latest version of Labview).
I hope this infromation clarifies the version issue.
Good Luck,
Shruti T
National Instrument.