1) this is actually my final year project and I need to find the ways to improve the tx efficiency theoretically and if possible, practically.
Is this for an electronics course?
I don't mind helping you but I'm not going to do all the work for you!
2) my supervisor requested for a 475-500MHz transmitter.
Should be no problem, but you will have to pay attention to the construction, vero-board or bred-board will not do at this frequency, at PCB is the only thing adequate.
3) the tx power is around 200mW theoretically.
200mW is fairly low powered, so don't expect a great range.
by the way, if i were to change the tx frequency to 475-500MHz, is it true that i will only need to change the capacitor and inductor value in the LC tank circuit?
Yes.
does anyone know what frequencies are legal in Malaysia?
I don't know, does anyone know a place on the Internet where you can find out what frequencies are free in which countries?
Any tazmania_kid you haven't answered on of my questions:
What do you need the transmitter for?
Data, Audio, Television.
Also if this transmitter is only part of a project you might be better of buying a ready built transmitter module. Building a transmitter can be quite time consuming as getting it to work will require some experimentation. Also you might need specialist equipment such as a frequency counter, oscilloscope, radio scanner, field strength meter etc.