Answer to your question: Yes. However, it's only as good as the software driving it.
You'll need to do some safety engineering: if any combination of outputs can cause an unsafe/dangerous condition, use some hardware logic to keep that combination from happening. Also keep in mind that all the DIO's will be pulled high when the DAQ resets.
If it were me building it, I'd use lower-level code than LabVIEW (DAQmx C libraries) and run the whole contraption on a small single-board computer that doesn't run windows. Control it from a desktop/webserver/whatever through ethernet/serial/wifi/bluetooth/whatever. Configure everything to run off 12 or 24V, run it off a big deep-cycle marine/RV battery(ies) with a tender keeping it topped off from utility power. Even a smaller motorcycle-size battery may work if the current and runtime demands are low enough.
A standby generator and ATS may be a good investment if your area is prone to power failures and you've got computers running your house. Don't trust a UPS to run a computer for long periods of time - they're intended to give you enough time to save/shutdown or keep the computer running while the genset kicks on.
