Does this module use "point forecast" data?

I'm not sure how to answer this question as I don't know for sure how to define 'point forecast'. Maybe an explanation of the data can help.

NOAA collects mountains of weather data. Way too much to present. So they offer weather 'products' that distill that data into manageable chunks. Common products are the 'Zone Forecast' or 'Marine Forecast'. This module does not utilize those common products. Instead it queries the same giant database (or at least the part that NOAA makes public) of weather data that is used to create the various products. But instead of querying for a region the SOAP interface allows the code to query for a single lat/lon point. And the interface also allows the coder to retrieve as little or as much data for that point as is desired. The default behavior of this module is to grab the common data (sky cover, temperature, precipitation, etc) that most folks are interested in. But many more data points are available.

So... lets look at your example of altitude adjusted temperature. In theory, NOAA knows the elevation for any given lat/lon. So they probably use elevation in conjunction with all their other predictive data points to predict temperature for that lat/lon. But I don't know that for sure.

I hope this helps answer your question. You can read more about the data that this module utilizes here: http://www.nws.noaa.gov/ndfd/