The first thing I would double-check is that no-one already has an OPC Server that talks the Compoway/F protocol you mention. If you do find an OPC Server, then you could simply configure I/O tags to communicate with that OPC Server directly.
If you are unable to find an OPC Server, then I would recommend the first solution you list, creation of memory tags. In this case, you would simply use LabVIEW serial functions to handle the communication, then write/read the resulting data point to a memory tag.
Regards,
Greg Caesar
National Instruments,
Applications Engineer