If the data comes in at a constant rate, you should not use an xy graph, but a plain chart or waveform graph, setting the x0 and dx accordingly.
For the peak display, you just need to shuffle the data into an array buffer contained in a shift register, then stop updating it once the peak is in the center of it. The attached program sketch shows one possibiliy (LabVIEW 7.1). It should not be hard to adapt it to 5.1.
(Of course you would need to substitute a suitable peak detection algorithm). Modify as needed.