Hi Steven,
I've modified the VI you sent to use the new DataSocket VI's, rather than the old compatibility VI's. These VI's should allow you to specify the update rate within the DataSocket URL. You would specify the update rate and deadband in the following way:
opc:\\ServerName\OPCServer\ItemName?updaterate=100&deadband=0.7
If you have any further questions, please post a reply.
Regards,
Kristi H
National Instruments