The circuit is basically a radio frequency (RF) oscillator that operates around 100 MHz. Audio picked up andamplified by the electret microphone is fed into the audio amplifier stage built around the first transistor. Output from the collector is fed into the base of the second transistor where it modulates the resonant frequency of the tank circuit (the 5 turn coil and the trimcap) by varying the junction capacitance of the transistor. Junction capacitance is a function of the potential difference applied to the base of the transistor. The tank circuit is connected in a Colpitts
So it is best to adjust it in steps of 5 to 10 degrees at each turn. So tuning takes a little patience but is not difficult. The reason that there must be at least 10 ft. separation between the radio and the FM transmitter is that the FM transmitter emits harmonics; it does not only emit on one frequency but on several different frequencies close to each other. You should have little difficulty in finding the Tx frequency when you follow this procedure.