There is precident in the document. Version 1 of the GUID uses a timestamp to help reduce the probability of collisions. In this case though, the prospect of a "valid" GUID comes up, in that it can never contain a timestamp in the future. This version though typically uses the 48-bit MAC address, not the IP.
I've updated the VI I wrote to generate GUIDs. It now supports version 1 (timestamp) and version 4 (random). I'll look into adding support for version 3 (MD5) on the weekend if there's interest. Maybe even version 5 (SHA-1), though I don't think we have access to a platform neutral SHA-1 algorithm in LabVIEW?
Also note in the version 1 implementation, I created a multicast MAC address out of thin air. I don't believe there's a cross-platform way of getting the MAC from LabVIEW, correct? Regardless by setting the address to multicast, the random number should never collide with a real NIC's MAC as the RFC recommends.
The files are now in a zip because in addition to Create GUID.vi, there's also a new VI to create properly resolved timestamps, and a GUID typedef.
I also apologize for for derailing this review. I just think that if you're going to have an Is GUID.vi, it should be consistent with whatever means you have of generating said GUID since there is no standard adopted for formatting.
I'll also pose the question of do we want the Is GUID.vi to validate version 1 GUIDs, insomuch as it would return false if the timestamp is in the future?
GUID LV9.zip