Hmmm, are you making a phone tap? 🙂
I really don't know anything about telephone line specifications and what are the thresholds between noise and signal, but I do know about the DAQ board! Yes, I would say differential is the best configuration for you to use. This is almost a must to help reject the common-mode noise already on the phone line. It will also produce a lot less noise onto the phone line as opposed to referenced single ended mode. I doubt you'll put much noise on the phone line. You could probe the line with a scope with and without your "project" connected to see how it affects it.
Sounds like fun!
Russell
Applications Engineer
National Instruments
http://www.ni.com/support