I'm not aware of any way of accessing deprecated items in the editor, although there might be an INI key for it. You could possibly use some scripting tricks to get to them, but I haven't tried.
Presumably, you don't actually need that, since you already have the VI which calls the deprecated method, so you could just copy that code if you want. I'm not entirely sure about this, but I believe that at least for deprecated features which were official, their context help should include a section about what they were replace with. I doubt this particular method was ever made public, but you should still try looking at its context help.
As for what it does, it takes a binary string representing a VI and then loads that VI without going through the disk, returning a reference you can use. You could probably do this by writing that binary data to a file and then using Open VI Reference with that file path.
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