The ViewPoint systems one works fine and is newer, not that this means it is better. But honestly I think using a toolkit is optional. I've generally just always used the tortoise SVN which add right click menus in Windows Explorer.
I also work in the Lock, Edit, Commit scheme, instead of the Edit, Merge. What this means is files are read-only until you get a lock. Once you get the lock the VI is now not read-only. You make the changes you want, and then commit them which by default will unlock it, setting the file back to read-only, allowing someone else to update and lock.
So if I'm working on a VI and I don't have the lock I will hit save, and LabVIEW will prompt saying it can't save it is read-only and the explorer window will be opened asking me where to save it. I will in this window right click my file and get the lock. I'll then cancel that window and save again, and this time it will save because I have the lock and it isn't read only. I can do all the SVN operations I want from the explorer window, and don't need to invoke another tool like Viewpoint. The only exception is for things like invoking compare, and rename, which generally needs to rename both in SVN and in an open project.
Note that if you have LabVIEW 32 bit on a Windows 64 bit, you'll want to install this additional installer to give the right click menus in 32 bit applications after installing the 64 bit tortoise client. This is mentioned on the download page of tortoise SVN.