The NI 5431 is unable to support the data rate specified in SMPTE292M. The maximum update rate of the NI 5431 is 40 MS/s. SMPTE292M specifies a serial date rate of 1.485 Gb/s.
Indeed the data rate of SMPTE292M is through the roof. I specialize in HDTV test systems and can help you put a solution together if you are still looking. Contact me at: www.wavetechservices.com