Hi Chris. I don't know what an NC is, but I gather that it's later in time and maximal at a different electrode? Perhaps you can try defining ERP time windows and electrodes based on the trial-average, and then get the time-domain data from each trial within those windows, and then correlate the two. It's a pretty simple approach, but seems to address your question. Two things come immediately to mind:
1) It might be useful to compute the energy in the time window instead of the average voltage. That will help account for polarity flips. You can compute energy as, for example, root-mean-square.
2) It might be a good idea to take a third time/space window as a control. If the entire brain is more energetic on some trials (e.g., because of attention), then the N290 and NC might be spuriously correlated, and having a third region (e.g., a frontal channel?) can be used to partial out this unrelated shared variance.
My other suggestion is to look through the literature and see how other people have tried to solve this problem. It's been almost 15 years since I've done anything with ERPs except for looking at them as quality-control indicators, and I generally don't teach, write about, or advise on ERP analysis.