The blinking is a result of opening/closing the subvi as fast as possible.
Some concerns. In order to keep the subvi running, you'll have to use a while loop. This would mean your main VI is paused until you are done viewing graphs. If this is ok with you, go ahead.
If the main program needs to run while you view graphs, these VI will need to be parallel.
Use a Functional Global Variable to store your data so that each VI can access it (plenty in the forums on this). When you want the VI to open/run, use "Open VI Reference" , then a property node to open the VI. An Invoke node will let you run the VI. You must be very careful with this option as you could end up trying to write and read the functional global at the same time... definately not ideal.
