The 1407 can generate TTL logic levels out of its trigger line. Use the IMAQ Configure Trigger.vi to route timing signals (such as line rate or frame rate) from the camera to the trigger line. You can also set the logic levels in software by asserting and unasserting the trigger line using the IMAQ Trigger Drive.vi.
Also, if you need to acquire data bits from an external device, then a simple E-Series DAQ device should work well for you and will be easier to program that the serial or parallel port.
Let me know if you have further questions.
Kyle V.