These guys have it right.
There are so very many "gotchas" in this, I don't really know where to begin. I suppose with distance, because that will be your greatest enemy: get it as low as absolutely possible, and observe the
inverse square law. This is probably where your 'efficiency' is being 'lost'. The second challenge is coupling, but I'll let you find out about that on your own. Entire books and courses exist to cover all of the EMC aspects at which you're going to be looking.
More power isn't always better (bah, I'm a gear head and I'm saying that?!?
), particularly in the frequencies you've suggested, but mostly for a reason which Aurora and wkb have already pointed out: it is more than likely illegal. Anything more than a handful of watts, maybe less, and certain people will be knocking on your door. Hopefully before anything harmful has occurred. The only exceptions are ISM bands (which even then have certain rules), and/or if you're doing your experiments in a specially-designed EMC laboratory which will suppress RFI. On the surface, what you're proposing is essentially a VHF broadcast transmitter. There are so many radio communications on this range of frequencies that you'd likely cause major problems for anyone within the broadcast area - several dozen miles for a 40W transmitter and proper aerial.
When I was an EE student, several projects similar to this one were undertaken as group lab projects or even corporate-sponsored term projects. Virtually none succeeded -- more than anything it was a learning experience, and perhaps that was the only product of such endeavors. A result is a result, no such thing as failure, etc.