Took some time today to tinker. I calculated the length for a proper dipole, set my rabbit ear transmitter antenna to that length, and was able to get a good watchable picture with audio and sound over a distance of about 7m, the furthest I can get from my console while still having a power source and video to transmit (my room is in the middle of the house, unfortunately). The neighbours might get suspicious if I go outside with a long extension cord and a box with an antenna on it...
This was with the output on the modulator at about 1/3 of the way up (adjustment goes from 35 to 45dBmV, the B-T ones go up to 60), the TV's internal wire loop antenna, and an unadjusted/aligned set.
I do get some noise in the picture with output at minimum, but that's not really conclusive as I am in a very messy/noisy area as far as RF goes... the AM band sounds like a chainsaw no matter where you tune it, and even some cable channels aren't immune)
So as you can guess... it's serviceable with lots of room for potential improvement (dipole & alignment on the TV, proper antenna orientation) and could perform pretty well in a permanent setup. Might not cover the entirety of ones country mansion, but will work well for most folks' needs.