Hello Mark,
I did exactly what you are describing by simply taking the Fgen Basic Standard Function VI from the Example Finder and removing the last two NI-FGEN VIs that abort the generation and close the session. Without these VIs the generation will continue until LabVIEW closes, even if the VI that started the generation is closed.
As far as getting this behavior and being able to close LabVIEW, you may want to look into creating a C-based executable that generates the desired function and runs in the background on your system.
Let me know if you have any further questions about this.