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It depends on your hardware and the driver if you are able to get a timestamp. If supported and available, it should be possible to get the timestamp with the G2GetGrabStatus function with the
GRAB_INFO_CMDvalueGRAB_INFO_TIMESTAMP. -
If I calculate your given resolution with seven 8Bit Mono cameras and 700 buffers each, It would be around 3500 MB. This is roughly the amount of memory one 32 Bit process can allocate.
Are you executing your application as a 32Bit process? With a 64 Bit process, you should be able to allocate a lot more memory.