There is a driver for the 8720 if you goto Help--> Find Instrument Drivers. There is an example that does what you requested only graphing the entire sweep not just the points.
I don't have an 8720 but I have a 8510B. With the 8510 at least you have to specifically request the power and frequency pairs seperate. Something like -
MARK1; OUTPACTI;
READ <-- Gives you the frequency location of the point.
OUTPMARK
READ <-- Gives you the power at that point.
I then build an array with the pairs. Sorry I don't have a labview example I'm still migrating much of my code from VB.NET.