Cindy--
I do not really think that you will see much difference between the two. Some of the IMAQ function calls may be faster in LabVIEW but calling the C dll may be faster in CVI. I think it will come down to which one you'd like to work in, but you could look around and see what everyone else is saying...keep in mind these are not talking about IMAQ but just CVI vs LabVIEW in general:
http://zone.ni.com/devzone/cda/tut/p/id/2718
http://forums.ni.com/ni/board/message?board.id=180&message.id=5473&requireLogin=False
These are just the first couple that I found. You can probably find a lot more. Hope that helps.
John H
Applications Engineer
National Instruments
http://www.ni.com/support