Mike,
I tried the plan that you laid out, and it works. It is not very practical though, because I don't have enough resources to get the timing that I need for the rest of the system.
The plan that I am currently testing:
5 CTRIO2's in a single base. 1 quad encoder daisy chained to all 5 counter cards (the encoder can source 250ma per channel). Each of the 4 outputs on each card will have a table that I will populate with the encoder counts for where I want the output to fire. The CTRIO outputs will feed to a second high speed PLC (I am experimenting with a Velocio.net right now) or possiby a micro controller (Arduino maybe) that will then control each linear actuator. This same controller will also monitor another high-speed sensor for a confirmation pulse. The microcontroller will feed the data back to the Do-more rack via normal inputs that will probably be in an expansion base.
This is all part of a 20 lane high speed small-item sortation conveyor system. The line speed is engineered to run at 200fpm, with each item as close as 6" leading edge to leading edge.
Several years ago I built a 10 lane small item sortation system for the same customer, and it has done a wonderful job, but is no longer big enough to handle the volume. This system is twice as big, and a bit faster. The old system is entirely PLC based (Do-more is doing way more that a PLC is supposed to be able to do

) The new system is using a PC as the backbone, and letting the PLC handle just the IO.
This installation is not industrial, and already requires non-standard components, so I am willing to get off the beaten path a bit to get the desired result.