And to top it off, you will have the inescapable loss of audio data as it
is being modulated into FM stereo. FM employs some filtering which limits
your highs a little, as well as some cheating to create the "stereo"
effect (it's not actually stereo but a mono and difference channel) since
FM cannot support the entire audible range in stereo, you get some lower
fidelity. The modulation/demodulation processes at the transmitter and
receiver pretty much finish off any chance. ):

I have to differ with you here. FM stereo is true stereo just as vinyl is
true stereo or CD audio is true stereo. Each technology uses some form of
encoding to transport two channels from one place to another using a single
channel.

FM and vinyl both use sum and difference encoding, which is as lossless as
the channel itself. CD audio digitally encodes stereo on a single
datastream. In the case of FM, the sum and difference can be generated
either by direct modulation of a main carrier (L + R) and a subcarrier (L -
R), or by using the mathematically equivalent alternate sampling of the left
and right channels at 38 KHz. 16 KHz anti-aliasing and reconstruction
filters are necessary with either approach. In 40+ years of FM stereo
broadcasting, these filters have rarely been the subject of much serious
concern - certainly not compared to the reverb, AGC, compression, limiting
and intentional clipping inflicted by managers, program directors, and even
some misguided engineers.

FCC standards require commercial FM stations to provide 15 KHz minimum audio
bandwidth, so the stereo standard was established as a 38 KHz sample rate
with a 19 KHz pilot, which was considered quite adequate to meet the same
standard in stereo. If the engineers at the FCC in the early 60's had set
the standard at 44.1 KHz sample rate with a 22.05 KHz pilot, FM stereo
bandwidth would be exactly the same as CD audio.