NMEA GPS data from mobile hotspot -> Wifi-only iPad I have a 4G mobile hotspot for when I travel on business. It makes NMEA GPS data available to connected clients. 

I've been thinking about buying an iPad (first one for me). Can the wifi-only iPad use this data? For the apps that I plan to use, GPS location is desirable.

I'm trying to figure out whether I need to shell out the extra dollars for a 4G model, or purchase a Dual or Bad Elf...
You are most likely out of luck here. Essentially, you can not install any drivers on the iPad, and the handbook states on page 69 that...


  Drivers are needed to use either the "USB tethered mode" or "GPS over
  Wi-Fi" features.


This question mentions a jailbreak for iOS to use a bluetooth connection to pass GPS data into an non-3G iPad, but your hotspot does USB and WiFi only — and I personally would not advise to jailbreak for certain reasons. 

The most promising approach to your question is this: If you do own/have access to an iPhone, you could try to tether the two via Personal Hotspot. The iPad might get the location from the phone — as described in this article. Let me know how this works.