I have somehow the impression that you're assuming that there should be some magic option of the LV plot widget as is, which saves from application design. What you show about hand drawing a template curve, and classifying traces, hints that there is more computation going on behind the scenes. The display in the plot window must be a somewhat sophisticated GUI, only giving the user a feeling of what data is been accumulated and how to interact with it, quite likely not doing the mistake of replotting the whole dataset for every new curve acquired (that would be expensive). The right question might be whether you can use the LV graph widget for what it gives, or rather the picture widget as Shaun suggested above (that would overplot directly to the pixmap, I guess, and be significantly faster), as a starting point for building such a GUI. The LV graph widget, optimized as it may be, is slow because it is complex: it handles autoscaling, abitrary number of curves, arbitrary plotting stiles, filling and whatnot, and this comes with a price. Someone may correct me, but I don't even think it can handle adding incrementally new curves, without replotting the whole bunch.
If I would have to build something the like, I would store the data in memory appropriately and without connection to the graph; I would consider to update that display only periodically, fast enough to give the user a feeling of interactivity, and track user clicks on the graph area in order to replot the data with the right highlights, to give the user the impression s/he is playing with it.