Re: distance and signal strength
At any events the radio transmission time is going to be swamped by the variability in the time taken by the electronics to respond. It'd probably end up being 2 +/- 100 metres
I have no experience in this field, but I assumed that you would fire off lots of signals and "average out" the response times to estimate the distance.
Where "average out" is a layman's term for "perform some pretty sophisticated and complex analysis".