Already implemented in LabVIEW. Available in LabVIEW 2010.
Currently, mass-compiling runs into problems with subversion files in "_svn" directories (files called X.vi.svn-base). There should be a setting to exclude these directories.
Yes, I already have this setting defined. But I think it only skips ".svn" folders, not "_svn" - which are often used because LabVIEW skips folders with an underscore when building menus etc.