Well, I've done exactly what you are asking, so it can be done. About ten years ago I had to take out any references and use of IMAQ in one of our Imaging Software. There was heavy use of IMAQ and this is how I went about it.
Step 1: I used another Imaging toolkit that had all the imaging functions that I needed This is what I ended up going with http://gromada.com/mcl/. If I had to redo the project I would use OpenCV now http://opencv.willowgarage.com/wiki/ Speaking on OpenCV there is already a toolkit that uses openCV called iVision http://www.hytekautomation.com/Products/IVision.html
Step 2: Create a control to display images, for this I created an ActiveX control. this control was also a wrapper around the functions that are available via the Imaging Toolkit you have chosen in step 1.
Step3: Every activex control has a Draw(Refresh) option. This is were you will obtain the Device Context of the ActiveX control and perform your draw code.
I hope this help you, now at least you have a starting point and know that It can be done.