Alex,
As the data acquisition is not timed by the software but by the hardware that you are using it doesn't matter which programming language you choose for your task. By the way, you have just provided information about the external connector blocks but not about the data acquisition device that you will use
LabVIEW is capable of analyzing continuous data streams with several MB/second which is comparable to C++ so I don't think that this will be the main criteria to decide which programming language to choose.
You should choose whichever approach is more appealing to you (graphical or text oriented). In my opinion the graphical approach is more intuitive and faster and it's easier to maintain code that was written some time ago but I don't want to start a debate on principles with this statement.
If you prefer the text based approach please have a look at NI's
Measuerement Studio which provides great features for user interface design, signal analyzing and data acquisition.
Best regards,
Jochen Klier
National Instruments Germany