Hi,
For draw arc.vi the rectangle specifies the size of an oval that contains the arc. Since this is the way draw arc .vi is programmed, the way to change it would be to dig deeper into the block diagram of the draw arc.vi and see if that can be done.
About draw circle by radius.vi, I am not sure what bounding rectangle you are referring to. It would be good if you could post a small part of your code to demonstrate the delay behaviour that you are experiencing.
Also please refer to the following document that refers to customizing LabVIEW Controls and Indicators that might be useful for your application:
http://zone.ni.com/devzone/conceptd.nsf/webmain/A9FBCAA7A3D7922186256A3000652B56?opendocument
Regards,
Ankita A.