Is the 03101-L capable of delivering a 0 to 5 Vdc square wave output for the wind speed?

No. But using a LLAC4 will convert the ac signal for up to four 03101-L sensors (and other ac output anemometers) to individual 0 to 5 Vdc TTL level square wave outputs. For more information, see the LLAC4 specification information

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