Para 5.3.1 2nd paragraph discusses air radii and aircraft carriers. I’ve assumed that with 3 CS of R and A capable aircraft on an aircraft carrier can generate 3 air radiuses in addition to the hex where the carrier is located (i.e. a total of 4). Is this correct?
Yes, although it may not be the best use of all those strike assets.
Furthermore I’ve interpreted the last sentence of 5.3.1 to mean that the air craft carrier air radius marker does NOT need to be placed on the map UNTIL the player wants to take advantage of the air radius projected by the aircraft carrier. My buddy believes the aircraft carrier air radius marker is placed on the map during the air movement segment with the other markers. Who is correct?
Neither of you, which is why there is no "aircraft carrier air radius marker." Note the last sentence of 5.3.1: "This [air radius] need only be announced when the controlling player wishes to take advantage of its presence." You just announce its presence when your opponent takes an action affected by an air radius.
If an identified Ge WP begins in an air radius and attempts to leave and move directly into another air radius in an adjacent hex how many possible ASW rolls are there? It would seem up to 2 rolls are possible (1 for attempting to leave a hex and 1 for attempting to enter a hex) although it’s the same hexside being crossed. Is this correct?
No. The first sentence of 7.4.5 states, "Any Wolfpack attempting to move into or out of a hex within an enemy Air Radius incurs one roll on the ASW Table for each hexside it attempts to cross." [emphasis added] So in the case cited, only one hexside is potentially crossed and only one roll is made.
Similar to 1) above if the Ge WP declares it will move two hexes (starting in an air radius and attempting to enter an adjacent air radius and then leave it) 3 ASW rolls are possible (depending success or lack thereof of the rolls). Is this correct?
Nope. Only one roll is made per hexside crossing attempt, whether entering, leaving, or both.
If an air radius is placed in the same hex as a friendly force (say hex 0505) AND then an enemy WP attempts to move into hex 0505 and then out of 0505 what occurs first, ASW rolls or transit location draws (6.6.1)? We split it up with ASW roll, location draw, and ASW roll. Obviously if the first ASW roll is held down then no transit draw occurs.
You did it exactly right. If the transit search was successful and, after combat, the moving WP elected not to continue per 6.6.1, there would be no second ASW roll.
Whenever attacking with aircraft against an identified TF or convoy we’ve always drawn one location card for the attack. Reading other comments and session reports it seems the others might be doing this a little different. Are you supposed to draw one card for each air attack, coming from different bases, against the same target?
Only if using Optional Rule 7.1.2.