Different versions of NI-RIO only support certain versions of Labview, see link below. You can not have Labview 8.5.1 Real-Time & 2011 Real-Time co-exist on the same PC because NI-RIO 4.0 only supports up to 8.6.1. Wouldn't it be nice if you could install multiple version of NI-RIO just like you can have multiple version of Labview?
NI-RIO and LabVIEW Version Compatibility