Hi tocaja,
firstable I´d like to tell you NeilR gave you a good solution for your questions, let me indicate you more information for the first question
The "Wait" and "Wait Until Next ms Multiple" only can get 2ms resolution on both due to Windows OS is implemented for this resolution. This issue only occurs on certain processors, however, and it seems that newer processors are better behavior. Most Pentium 4 machines show this results while most Pentium 3 do not.
The new time loops in Labview 7.1 are implemented differently and do guarantee 1ms resolution.
Likewise, you can reach lower resolution (microseconds) if you are working with Labview or Labview Real time (RT)
a)If you are programming with Labview and NI-Daq Traditional, you can reach microsec resolutions (hardware timed). Basically, you can use AI Start VI in order to indicate the time you want to get (>= 10microsec) and to get AI Single Point within while loop to execute it under that time.
Please, reference to this link for more information: http://zone.ni.com/devzone/conceptd.nsf/webmain/B917641AF3CF3879862568DB00704DA4?opendocument
b)Instead controlling your timed loop by hardware you can do it by software. You can program with LabVIEW Real Time, through this module of LabVIEW, you can use Timed Loop VIs (All Funtions| Structures| Time Loop). The Timed Loop VI can execute each interaction of the loop at the period you specify. There is an option (Source type) where you can specify the time loop and you can reach up to 1MHz clock.
I hope this help you.
Regards
Diego M.