Scott Dorsey ) writes:

I doubt these are worth anything. When I was a kid people used to
move stuff like this to 10M AM, though. Invariably the modulation
levels were way low on the things.
--scott

But most of the time, the walkie talkies available to convert had
superregen receivers, and the transmitter was more or less making
the superregen stage a crystal controlled oscillator. The low modulation
came because one was using a speaker for the microphone, and there
was a mismatch along the way. Every so often, you'd see a bit of filler
in the magazines talking about this, and suggesting wiring in another
transformer.

This may not apply with one using a superhet receiver. I can't say
I've ever seen a schematic for the transmitter in one, but since they
have added enough to make a superhet receiver, they may not be skimping
as much and the modulation levels better.

Michael VE2BVW