Screw it, I'm just going to throw this out there regardless of whether or not
@tq60 already nailed it...
Disclaimer: I have zero experience with nautical anemometers, and only a past interest in DIY weather station anemometers. I am
actually just guessing.
An anemometer like that is mission critical and should be designed to never fail. An anemometer like that is going to be designed to serve in the harshest environment conceivable and will be designed with corrosion and natural abuse in mind. Also it looks old so the technology may be arcane. Those facts are what informs my guesses.
If it were many many years ago and if I were tasked with designing an anemometer like that, I would not use a potentiometer for direction. After a couple of days at sea an unsealed potentiometer would be toast. So seal it! But... seals introduce drag, and that drag probably has a nonlinear speed relationship, so will definitely influence both speed and direction readings (speed more so). So I would try to get away without using seals, and my direction and speed measurements would be robust non-contact magnetic/inductive sensors.
For direction I would use one of the following:
RVDT - like a LVDT but measures angular displacement instead of linear position.
Synchro/selsyn.
Resolver.
Unfortunately any of those are going to be very difficult to suss out without supplying an unknown AC voltage.
For speed I would use an inductive pickup. A Reed switch would work too but has moving parts and wears out.