There is the following API method that will help you:
PropertyObject.EvaluateEx ( exprString, evaluationOptions).
You would use this most likely on the SequenceContext. It will return a new property object with the evaluated value. For example, if exprString is "\"this is a test\" //comment here", it will be evaluated to the string "this is a test". Likewise, if you had a local variable Locals.stringVar which had a value of "abc", you could pass the expression "Locals.stringVar //comment here", and it would evaluate to "abc". It will return it in a property value (which you can call GetValNumber or GetValString, etc...), and you can then take that value and do what you please.
It sounds like you want something to evaluate to a number, then format it with a format string in LabVIEW. You can evaluate the expression to a PropertyObject that is a number type, get the value of the number, then use the Format String VI in LabVIEW.
If you are trying to do something else or I didn't answer your question, let me know.
Allen P.
NI