I'll try to answer your questions.
1) The one that is built from two half cycles is not a true sine wave because it does not fit the mathematical definition of a sine wave. I don't remember the definition at the moment, but you can see from the graph on the sample VI that I posted earlier that it does not match the other waveform that is a true sine wave.
2) There is little difference between the Simulate Signal Express VI and the basic function generator. There is just a nice UI for the Express VI that I find easier to use. You can make changes and see them applied until you have what you are looking for. I think you can send the output directly to the AO Write, but if that does not work, I know that you can convert the
output to what AO Write is expecting.
3) You should get the same peaks, yes.
4) I think you can, yes. You may need to wire out a few more things (frequency for example), but I think it will do what you want.
Hope that this helps,
Bob Young