It's not necessary. In "El viento vuelve locas a las olas", "a las olas" is the direct object. The direct object can be used with the preposition "a" in certain cases, when "a" refers to a person, an institution or a personified thing or animal. In this case, "volver loco" personifies "las olas". Sometimes, "a" is required. In this case, it's optional:
Ante nombres de cosa, el uso de la preposición depende del grado de personificación del referente: Esperó (a) la muerte con serenidad. (DPD, a2, 1.2.f)
"Volver loco" takes a direct object, and the only preposition that can be used with the direct object is "a", so the answer to the second question is no.
You would have to change the sentence quite a bit to be able to use different prepositions: "El viento causa la locura a/de/en/para las olas" (very weird phrasing, especially with "a" and "para", but not wrong as far as I can tell).