Well, here's a thought....
Sensirion makes a nice IC (SHT21) that measures both temperature and humidity - all digital. The sensors are integrated, as is the ADC and the I/O interface circuitry. It speaks I2C (as well as PWM, SDM/analog, and volts). It draws minimal current, does RH 0-100% and temp (F) from -40 to 257 with accuracy that's more than adequate for the DIY market. Street price seems to be about $25 bucks in small quantities.
This would get us temp and humidity both in one box. For my own use, I'd like to get windspeed and direction too, but that's another project for another day.
I could get an SHT21 eval chip and interface it to an Arduino Uno quite easily (street price also about $25 bucks, but I already have a few of them).
The only issue is how to interface that back to the Elk M1G, and I don't have docs on that spec. By using an arduino uno - we could then provide the elk pretty much any kind of signal/protocol it'd accept. I'd assume it would just need to provide a varying output voltage to the elk (arduino has that output built in), but I think someone earlier in this thread mentioned a proprietary protocol/encoding. If someone could provide the docs/specs that the Elk brand temperature device uses, I'm sure I could then make it work.
Best,
Jay