You don’t necessarily have to use the Instrument Control Toolbox or the Data Acquisition Toolbox. You didn’t say what OS you have, but if you plug the USB dongle into your computer — and the Force is with you — Windows should find the driver for you and install it. (You may have to try different USB ports. All of mine function correctly, but for some reason, only the ones on the right side of my relatively new HP laptop will trigger the Windows search behaviour.)
Set the USB interface up as a serial port. See the Serial Port Devices documentation for details.
I didn’t do exactly what you are doing, but about five years ago I got a fingertip plethysmograph (measures pulse contour, oxygen saturation, heart rate, and a few other things) that had limited offline data storage and a direct connection with a USB cable, and after finding the details of the hardware and its communications protocol online (PDF documentation from an Internet search on the hardware Windows identified), was able to get all the information from the device and display it in real time. I had to do a lot of experimenting, but I got it to work.
I have a couple routines from that effort that may help get you started. I’m attaching them here for your reference. (Unfortunately, I don’t remember the details of the logic behind them. I believe I got some of the information in them from the hardware and driver documentation, so it’s best you use that information for your hardware and driver in your application.) They were written for a Windows 7 machine in R2009b, so there could be version differences as well.