First, check out
Managing Large Data Sets in LabVIEW. It contains information and examples of almost exactly your problem.
Next disable front panel updates when you are resetting the graph. This prevents LabVIEW from redrawing everything every time you do anything.
If you are decimating and want to be able to zoom, you will have to handle the zoom yourself, unless your decimation is “light” enough.
Unfortunately, dealing with large data in LabVIEW complicates your code. It is worth the effort, because your performance and memory requirements can be reduced dramatically.
I would not recommend drawing all your graphs at once. This may lead to memory problems.
Good luck. Let us know how you do.