Hi Siva,
That's right. You create DAQmx sessions in the Custom Device and manage it there. Depending on how you write the Custom Device configuration, the device may or may not exist in the System Definition (I can think of having a configuration part that allows for adding devices selected from the SDF, for example, but it's not a hard requirement).
In this case you'll have to wrap a model into the same Custom device too, because Veristand will be passing channels around with slower rate.
Also hopefully your model is in LabVIEW - if it's Simulink or something else, Model Interface Toolkit is a bit tricky to compile into an LLB, because there is (was?) a name clash between two VIs in it...
One thing I remembered is that this approach required reserving a CPU core on my controller entirely for the fast loop purposes - so if you have a 2-core controller, it might not be feasible (leaves you essentially with a single core for other uses).
The other way around involves making a Custom Device for slow IO and running it with decimation...
The solution proposed by ZY_Ong also involves a Custom Device - however in his proposal, the configuration is managed in Veristand and the data is not acquired single-point (as in my proposal), but in waveforms. It might be feasible if your model allows being fed with batches of data. It's also more CPU-efficient. To be honest, we're in process of converting the old solution with single-point fast loop to the waveform solution, but our "model" is just a bunch of data processing and statistics, not a real plant/process model.
The rest depends on you... 🙂
Piotr F.
Hardware Engineer @ ZF