Yes, it is possible to do this in the follwoing way. On axis 1 you will use the Axis Configuration panel in MAX for Axis 1 to set the primary feedback of the axis to ADC 1. Use the ADC Settings panel to set the range of ADC 1 to the range of your tension sensor (bear in mind you might need to apply conditioning to the sesnor if it is not within the 0-5, +/-5, 0/10 or +/-10v range). Once done, make sure that the encoder input you have connected the spool encoder to is configured a the feedback for axis 2. All that you will be left to do is tune your system and be up and running. Please refer to the following documents for more information:
http://zone.ni.com/devzone/conceptd.nsf/webmain/081957EE013C7A4586256B92007818E0?opendocument
http://zone.ni.com/devzone/con
ceptd.nsf/webmain/4B7775373E4AE64986256B6000691505?opendocument