Andy -
Those answers are yes, and yes. We're doing it, communicating to 5/04 's.
The addressing required is a little goofy (that's not a controls term, but I'm not a controls guy) for I/O addresses. The details are covered in a NI Developer Zone Tutorial that you can find with a little searching.
Aaron Gesicki
Sparta Mfg. Co.
Sparta, WI