We're talking about FM here --- every device that is a modulator is automatically a transmitter, too, unless you encapsulate it completely, which would render it relatively useless.
But yes, I hadn't seen all replies when I posted. But even so, you seem to be re-inventing a wheel. Use one of those low-power transmitters, put an antenna jack on it, connect both that and the main antenna to an antenna mixer, and you have got essentially the exact device you're talking about.