There are really two ways that this can be accomplished using the 7344. It can be done manually by reading the value of the ADC and then outputting a corresponding value on the DAC. This is all done in software and is not as fast as the onboard PID loop. This method could also be implimented with a DAQ card.
The second method would be to set the Primary Feedback for that axis to the correct ADC Channel. Since the ADC is 12 bit, this maps the axis to -2048 to 2047 in counts. Then you could tell the axis to move to a certain target position in counts and it would actually be a torque target value, not position since counts is now in torque. I have not done this but theoretically it should work, however tuning the system may be problematic depending on it's linearity
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Hope this was helpful.
Regards,
JR A.
Applications Engineer
National Instruments