Hello BradW, This is a known issue that is mentioned in the "known issues" section of the most recent NI-DMM readme file. (If you have NI-DMM installed you can find it at Start, Programs, National Instruments, NI-DMM, Documentation.)
"The NI 4070 can be programmed only with NI-DMM. NI-DAQ function calls and DAQ virtual channels are not supported by the NI 4070. Using NI-DAQ with the NI 4070 can cause an error that requires a system reboot." The 4070 does not support using the NI-DAQ function calls and since DAQ virtual channels depend on these, you will get the same result when attempting to use a virtual channel. Really, the 4070 should not even show up in the list of devices that a virtual channel can be assigned to. We expect this to be fixed in a future version of the software. Sorry for the inconvenience. Russell Applications Engineer National Instruments http://www.ni.com/support