Here is the system requirements for LabVIEW.
http://www.ni.com/labview/requirements
I'm not sure if they are different for the version we are given..
I can't imagine it'd run very fast, which I would find very annoying.
Why not buy an actual laptop? A good one will last your team for years. I really recommend against netbookish computers for doing major work.. and I consider labVIEW to be major work.