It's an interesting idea but also one which requires a lot of work to get to a point that is even remotely useful. IMAQ Vision isn't just a small collection of C functions gathered together but a pretty involved function library and at the same time lots of supporting glue to put those functions in an easy to use way into LabVIEW without sacrificing performance in a big way.   OpenCV would probably be the library of choice for such a project. I've been looking into it to make some DLL interfac