Actually it appears that your PRECISION needs to be less than milliseconds (you need 8.33 ms, or a precision of 10 µs). LabVIEW timing is limited to 1 ms precision in Windows due to the non-realtime nature of the Operating System. Note that this is not a LabVIEW issue, it is an issue with the hardware that you are using.
There may be a way to do some hardware timing. I've never used the DAQ device that you're using and ALWAYS use a real-time device for applications which require that the precision be to < 1 ms.