> 3) RF - This shouldn't be too hard. There must be thousands
> of little FM transmitters online. I would get one of those small
> cheap autoscan radios to receive the signal. Again, I don't
> know how power efficient those little transmitters are.

Have a look at the Rohm BH1417F (183kB)

http://www.rohm.com/products/databook/audio/pdf/bh1417f.pdf

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You could probably make a TX with lower power consumption
from discrete components

eg Harry Lythall's transmitters work OK

http://hem.passagen.se/sm0vpo/right.htm

There are a few simple mono transmitter/bug kits & circuits around
that use little power, but I'm not sure how you'd make a stereo version
out of them with the two channels on the same frequency

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