GNR, I am so out of my league on this issue and my hat is off to you and Stan. That said, I would go with a larger and more expensive, probably, tried and true solution and then distill it down instead of starting with the most inexpensive solution with band aid fixes to get where you want. I think you are on the right track with an FM solution using the FM carrier wave with the two sideband (read stereo) frequencies to get where you want. You are able to take it down to the IC level which gives you the advantage to distill. At the risk of repeating what you already know as a resource, Mouser.com have many industrial solutions to a duplex communications issue in a very small form factor. There is a Zigbee line of solutions that may fit the bill and are not at all expensive in the big scheme.
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