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I don't understand what you mean, my understanding is that the resulting modulation coming from the pll unit would be as analog as any other fm and it wouldn't be visible to the "outside world" that it has been generated this way. Furthermore, why would channel bandwidth need to be huge?
No doubt there are more sophisticated ways than this. I just pulled the manual of the FT817 and had a look at the pll unit - this one is brilliant but hey, they even had a custom pll chip made! It's a question of expense and return - I was looking for a multi-band design that is as simple as possible but still good enough for jazz (I mean fm). I'm not very confident that vcos built with discrete components will work good enough and the ready-made ones do often not cover the frequencies needed and are expensive as well.