Well, it all depends on how "rusty" you are in C++...
If you feel intimidated, and you don't feel you can complete the requirements using C++ in the alocated time, then use LabVIEW. However, LabVIEW, like any language, has a learning curve so you should factor this into your schedule. I don't see any point in starting with LabVIEW then moving to C++. You should stick with the language you start with unless there is a strong reason to switch.
Now, as far as capabilities:
1) and 2) All you say here can be done with the package you have purchased.
3) I don't see how you can have more control in C++, what are you basing this on? What type of control do you require?
Have you taken ANY tutorials or courses? If not, then don't expect miracles
the first few weeks. You will definitly get the components up and running quickly but the clincher is putting it all together. The built-in tutorials and manuals have NO guidance on building a complete application. You have to learn this on your own OR by attending NI courses in-class. Some Alliance member companies offer consulting services where they help you out a day here or there based on your needs at the time.
I've been using LabVIEW exclusively since version 3 which I think is 7 years now. I don't find it limiting or weak, however it took me 3 months to get over a brick wall I had. Back then, online was called a BBS. Nowadays you have a wealth of knowledge via Developer Zone, Info-LabVIEW, 1-800 numbers and other sites... so if you have any problems, they usually are resolves in a few hours...