Hi Mark,
Because the CWDAQ control that comes with Measurement Studio is tightly integrated with the driver NI-DAQ (this driver supports most of the DAQ cards from National Instruments), it is useless if you have a third-party card. In the near future, it will still be true that the DAQ interface offered by Measurement Studio works exclusively with NI DAQ cards.
However, to answer your second question, you can still use all the other controls that come with Measurement Studio (eg, DSP, Datasocket, CWArray, etc). Once you get your data into the computer, you can definitely manipulate it with Measurement Studio tools.
Regards,
Azucena