Hi kevin360,
The slowest sync is around 1/60s (~16ms) even in poor cameras, so in theory, a module capable of transmitting at more than 60 baud could be made to work.
The datasheet actually indicates that the debouncing mechanism in the encoder introduces about 131ms of delay, so clearly you can't use it.
But why won't control the RF chip directly? With 2 of the smallest possible uCs, you could send (and then receive) a short burst of "special" data (just to increase immunity to interference).
I would use an optical device (a modulated IR beam, for instance) instead, if you have clear line of sight between A and B, and there’s no risk of having the IR ruin you pics.
Arthur