Bob,
First of all, option #2 will not be possible. On the other hand, option #1 should be possible with the Config_DAQ_Event_Message() function. You will want to use DAQEvent 3. Below is a description of this event from the NI-DAQ help:
"Send a message each time a data point from any channel in chanStr is outside of the voltage region bounded by DAQTrigVal0 and DAQTrigVal1, where DAQTrigVal0 >= DAQTrigVal1."
Good luck with your application.
Spencer S.