Could you provide a timing diagram for your digital signal?
I am a firm believer that a digital output device such as an NI timer can create any signal, given the proper software or hardware. I once did a high speed, gated, triggered data acquisition with only a single NI timer chip on the AT MIO 16E-1. It required about 75 feet of BNC cable, more PFI wires than you can imagine, four external logic devices (AND and OR, NAND and NOR boxes) all interconnected and basically tangled. I don't think I could repeat that setup without my documentation, but the point is, it worked.
The most important thing from that example is that I used a timing diagram. These are so vital in digital IO and timer applications that its not funny.
If you can't determine ho
w to do what you need from a timing diagram, just send me a copy, let me know what the basic specs are of the DAQ 700 (how many counters, interconnect capabilities, etc) and I can try to help.
Good luck.
As far as reading the analog signal at the same time...well, look at my example. I generated the trigger/gate signal with the card, and then read in the analog data (on several channels simultaneously.)
