I don't know VB, but if you're using .NET then I would guess it has the same threading capabilities as C#. Definitely go with a multithreaded application.
This sounds like an interesting project, and you may need special hardware to get the functionality you want. I would first seach Google for any similar projects to see what others have done. I can't really offer any other help without researching it myself. Keep us updated on what you find out.