If the PWM is demodulated with LPF, then it is inherently nonlinear. Higher clock frequency - better linearity.
You can generate synchronized ramp voltages at Tx and Rx sides of the link. Those ramps have to be identical, but they don't have to be linear. On Tx side, you compare the ramp to the sample-holded input analog signal.On the Rx side, you latch the ramp voltage into sample hold by the edge of the incoming signal. This produces nonuniformly sampled signal which has to be converted to uniform sampling by integrate and dump circuit, and then restored to analog by means of LPF. This scheme doesn't produce any inherent distortion but from imperfection of timing, sample holds and integrate and dumps. However achieving that in practice at 300+ MHz could be problematic.
Vladimir Vassilevsky DSP and Mixed Signal Design Consultant