Hi,
Could you be more specific about the problem. What do you mean by "Lookout 4.0.1 won't detect the COM port" Are you using a specific driver object (such as Modbus) that is using the PC's COM port? Are you receiving any errors? is the same COM port detected by windows itself? You can do a loopback test using the Hyperterminal utility to check the COM port. Here's the link
http://zone.ni.com/devzone/conceptd.nsf/webmain/D48BA43C59B60277862569EE000501FD?opendocument
Also make sure that you are using Build 61, which is the latest build for version 4.0.1. If you need to update Lookout, please contact National Instruments.
Best Regrads,
Remzi A.
Applications Engineering
National Instruments