Just be sure you do realize that those federal regulations apply to the consumer as well as the manufacturer.
BTW, the biggest FCC fines given to individuals of $10-20,000 happen for exactly what you want to do... interfere with a commercial radio service. All it will take is someone who is a fan of the station you are 'overpowering' to complain, and you could be in big hot water.
The safest thing to do is find how maybe to switch it into "EU" mode and get some slightly extend frequencies that are not used in the USA but are used in Europe for commercial FM radio such as 87.1 mhz and use those with a non-modified unit. Then you will have a clear frequency to use. This was the trick everyone used with the very popular iTrip. They were very hard to use in any city setting without using this trick. I don't see it mentioned on their website above, but since they(monoprice) don't actually manufacture anything themselves, maybe you could find out more about this device by finding the same device on a different location on the web etc.. it usually consists of holding done some combination of buttons when turning on, etc. For instance, here is the SAME cheap chinese transmitter that monoprice sells on ebay:
http://www.ebay.com/itm/FM-Transmitter-3-5mm-Audio-Car-Charger-for-iPhone-4-4G-4S-iPod-Nano-Touch-US-/300964039170Probably the next safest thing would be to lengthen the antenna wire. This will increase the radiated power a little bit, but would have much less chance of adding additional interference products, harmonics or anything such as that compared to if you went to adding more amplification power or something that actually modified the transmitter signal. The easiest will be to increase the length of wire on the receiver to add more coupling between the two devices as someone suggested above.
I guess if would help if you mentioned if this is for a car/auto purpose or a home purpose.