Would it not be easier to take the raw digital stream from the camera, encode it with something like Manchester 2 or similar telephone style 3 or 4 level polarity independent scheme, ie AMI or NRZI , transmit a sync word, and send keyed, AM, FM, Whatever, it with one of the sidebands suppressed by a simple filter? ie Vestigial Sideband like an old TV modulator... In other words, just MAKE IT PSEUDO ANALOG? Decode with a Costas Loop if needed, etc.. If need be mix with a pseudo-random stream to make it spread spectrum... You would have no error correction, no multipath protection, bandwidth is freaking huge, I know the downsides... Then just do diversity receive using a pilot carrier...
Might just work. I've seen far crazier stuff done in Ham Radio to get video across.
Expecting inbound laughter... in 5,4,3,2,1 ... But very low latency...
Steve