The simple answer is yes, IMAQ can be used. However, there are a lot of questions.
How large is the part? If it is more than 1/2" in diameter, you are going to need a camera with higher resolution than a standard camera, which could make it expensive.
Lighting is the other issue. You are going to need quality lighting for a reflective surface. I am thinking you will need a CDI (Cloudy Day Illuminator), but I can't remember which type of light is best for a reflective surface.
Mr. Bruce Ammons made some very good suggestions on the camera and the lighting. Essentially if you can condition the image so you can visually see it, then IMAQ Vision software will be able to "see" it as well. Lighting is going to be the most important in your setup.
There are several analysis techniques you can use to detect the crack once you can acquire a good image. If the crack intensity is quite different from the rest of the surface, you can threshold the image to isolate the crack and then use blob analysis. Or else, you can also use edge detection by drawing multiple line ROIs on the grayscale image to try to locate the crack.
These are just some ideas to help you get started.