Can the license be converted to commercial and could such an operator force must-carry status on cable/satellite?
I don't have cable so I don't know if it's already on there or not.
If that can be done, it becomes a VERY valuable property.
That's a good question. In the analog world, I'd say **no way**. However, the FCC allowed Pittsburgh's WQED to convert their second station WQEX to a commercial license, so I guess *never* isn't *never* anymore! That said, IIRC the Pittsburgh operation argued *neither* station could survive without the revenue from the commercial sale of WQEX -- leaving Pittsburgh without public TV. That's certainly not the case here.
If commercial, it may elect between must-carry and retransmission-consent. In practice it would be stupid for a commercial WFME-TV to try retransmission-consent: the chances any cable operator would be willing to pay for any programming a commercial WFME-TV would be likely to land would be just about zero. So they'll go for must-carry.
If non-commercial, must-carry is WFME's only choice.