Hi what,
If your AC drive uses the Modbus protocol over RS-485 then you will probably want to use the serial port or an RS-485 port to communicate with your AC drive from LabVIEW. I believe Lookout also comes with an OPC server which can communicate Modbus. Anyway, I suppose you could use the digital lines of the DAQ card to control your drive but it sounds like an RS-485 port (serial) would be more effective and easier than programming the DAQ board.
Anyway, hope that helps. Have a good day.
R