That's what I'm trying to figure out how to do. It seems to me that with lower power less isolation, or separation, would be needed. The idea is to have it be compact so it would have to be a single antenna. I'm just not sure of how to go about solving this. If you could point me to a good source for the math behind this I'd appreciate it.
Power out of TX at RX frequency less all losses in that path should be below the anticipated noise floor.
Power out at TX frequency less all losses should be less than the receive sensitivity at the TX frequency.
Yes, low power helps (a little).
Do all your work in dB. Figure that a 100 watt radio needs about 163dB of total isolation including the losses from the frequency separation.
A 1 Watt radio needs only 143 db.
If you want one antenna you need a duplexer (or separate filters that make up a duplexer)