Hi, RichM,
Yes, you can use SIT to create and download DLLs that come from Simulink models. Basically, the CompactRIO controller is like another RT controller, so it will be done exactly the same as in PXI. The only thing different in cRIO is that the model VIs that get scripted from SIT to do data acquisition are using Traditional DAQ VIs, so you will have to manually modify those VIs so they interface with the FPGA backplane using the Read/Write Control function. For information on how to modify the VIs, you can probably look at the following tutorial:
Using CAN with the LabVIEW Simulation Interface Toolkit. This tutorial is for NI-CAN, but you can just abstract from it and use the same concepts with the Read/Write Control function.
How fast are you planning on executing? Just remember that the cRIO controllers and PXI do not have the same type of processor. Depending on the method you follow to read the information from the FPGA (either polling or by interrupts), you will get different performance. I will still recommend you go with interrupts.
I hope this helps. Let me know!
GValdes