One thing you'll need to be aware of is that you will need to DMA lines: one for AI and one for AO. If you don't, then you can configure the DAQCard to do without DMA using the Config VI. But you certainly can do this.
As far as your function generator, you will want to do a buffered analog output. You will write your buffer of points to the buffer, and then tell NI-DAQ how fast to update your analog output channel with these values.
So, you can be reading from AI and checking the AO process in the same while loop. Just make sure you handle the while loop execution (the wait it exits) correctly. This can get tricky when you're doing two types of measurements.
J.R. Allen