Hey Sesh,
If you refer to the Traditional NI-DAQ Function Reference Help, and then the function DIG_Prt_Config, it states, that ports 0,3,6, and 9 of the 6508 can be used as bidirectional, but only when you use handshaking. So the answer is no, you cannot configure port C with four input and four output lines.
However, I have attached a c file that contains the function calls necessary to configure the lines separately on an E Series digital board. Feel free to try these calls out and let us know if it doesn't fail, although our KnowledgeBase says that it should.
Justin T.