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One thing you might want to watch out for – the transmitted signal on the FM band could get into the 49Mhz receiver and cause issues. I’m assuming that the walkie talkies are fairly inexpensive, so their front ends could easily be overloaded with the (relatively) strong signal from the FM transmitter.
When I run my Rangemaster, the signal can get into my amateur radio receiver (especially on 40 meters), which is a lot more sophistocated that that 49Mhz walkie talkie. And the antenna’s are separated by at least 25 feet, with some fairly expensive low loss cable running from the amateur receiver to the antenna.