I've been doing a little more light research, but still haven't had a chance to dive in head-first.
I've found a great resource: Hg Init: a Mercurial Tutorial by Joel Spolskey. The first section, Subversion Re-education, is inspiring and makes me want to move forward.
However, I worry a lot about the fact that Mercurial keeps a copy of every revision (binary delta's it seems, thankfully) of every file in the repository on every developers machine. Since LabVIEW files are binary, this means that the repository might grow very large. The recommended strategy is to use a new repository for every project, rather than one big repository for all projects. However, it seems to me that as time goes by projects that have lots of binary (LabVIEW) files might grow very large and have many revisions, which will be too big a burden for developers.
That said, there's no better answer than testing it out on a real (hopefully, low-risk) project and seeing how it goes...