Hi James,
I'm not aware of anyone running CoLinux with LabVIEW Embedded, though that certainly doesn't preclude the possibility of it working. At the moment, we have an entire LabVIEW module prebuilt for working with the VDK operating system on the Blackfin EZ-Kits, but we don't have a pre-built uclinux target available. If you're using the Embedded Development Module (and not the Embedded Module for Blackfin Processors), then we can make this happen by porting LV Embedded to a new uclinux target. As part of this process, you'll need to script the build toolchain to communicate from Windows to the build tools located on your Colinux virtual machine. One way that might work for you is to automate SSHing into the linux VM, sending it the file to compile, invoke your build tools, then send the result files back to LabVIEW on the Windows side.
Cheers,
Matt Pollock
National Instruments