It's important to understand that this modification accomplishes two things. The first is that it removes modulation from the balanced modulator and the IF stage. This alone has tremendous impact on the transmitters ability to reproduce positive audio peaks. This gives the ability to modulate the carrier at much higher levels before distortion occurs.
The second part of this modification deals with Hi-Fi. Changing various capacitors allows more bass and treble to pass through. This part has a lot to do with the microphone you use. If you don't want extreme bandwidth just use a D-104 or another communications style mic. If you want Hi-Fi then use a studio XLR type mic with some type of EQ.
I know most receivers will not reproduce the capabilities this modification allows. However, even the typical receiver bandwidth of 300 cycles to 3 KHz will definitely show a good deal of improvement with this modification. The
TX bandwidth will only be as wide as the audio feeding the modulator. The radio is no longer the limiting factor, the mic is now, and can be tailored to suit your desires.