Hey Arnoldt
Firstly, you are not going to like very much what I have to say to you. Not meant maliciously, but you HAVE to be aware of this.
Firstly, you have to be very careful about flying out of visual range. According to air law, you are not allowed to fly out of visual range with a radio controlled aircraft. The only people allowed to do so are the airforce or any military operations. So be VERY careful about that. Civil aviation dictates that we are only allowed to fly at a radius of 2nm (about 1.5km to each side of where you stand) and at a maximum height of 400ft. And operations not to be conducted closer than 5nm from an airfield. That is for SAMAA registered fields. On non registered fields it drops down to about the size of a rugby field. and, if I remember correctly, 150ft.
More than that, everybody (industry as well as hobby) is limited to the amount of output power used on telemetry transmissions. ICASA set that rule. If I remember correctly, we are limited to about 100mW on the lower frequencies, 400mW on 2.4GHz (telemetry only 100mW for hobby) and 1W in the 5.4/5.8GHz range.
Right, the warnings and red tape aside...... Let's look at the practical issues.
Firstly. Yes, you will get more range with the 433Mhz system. BUT!!! be careful. If you are going to transmit an analog signal, which it sounds like, I would not do it. Mostly all garage door openers and some alarm systems operate on 433MHz. There are also some license free radios that operate on that frequency. So, unless your signal is digital in nature, and I am not talking about the serial data but the transmission modulation, you are in for trouble. 1.2GHz is out because Telkom uses it for their Routel system. They transmit up to 50W at times, so if you fly far out, chances are you are going to be shot down by their signal. And not to mention if they catch you.... Cell towers normally operate from 933MHz and up but I am not to sure the exact frequency. If you want I can fire up my spectrum analyzer and check for you. Let me know. If it is clear, it should work fine.
2.4G should work provided you use the correct antennas and provided you use a digital modulated transmission signal (like DSSS). Since ICASA monitors the 2.4G band closely, you will have to stay in your power output range. bearing in mind I have used a 200mW transmitter to set up a 30Km link once.
The 5.8G range is out. It is too prone to interference from things like trees, water, metal rooves and the like.
So the only option I would look at is either the 433 band with a digital modulated transmission system or the 900M band but only once checked if clear.
Just on a side note, look at the PIC18F range. They are a lot better designed. Some of them can run up to 40MHz.
On the FPV side, as you say it :), I would rather look at something like an autopilot. I am going to using AVITUS but you can look at cheaper options like the Ardupilot and the like (DIYdrones.com). Reason is if you loos signal, it is going to come down for sure, or dissapeer in the cool blue yonder. The Autopilot will bring the plane "home" if the signal is lost.
Video goggles are so cool, BUT, get yourself a decent pair. Yes, it is expensive, but the cheaper ones just don't have the resolution. Oh, and get a buddy to fly with you when using goggles. One tend to loose the plane when coming in to land just after you take the goggles off.
Once more. Be careful not to break airlaw and ICASA rules. Those guys don't play with you if the get hold of you.