I tried this sort of arrangement, but not on an extensive basis, using Cat5e.
It seems to operate successfully (using 10m cable length). I was only trying it out as a contingency arrangement for watching TV in a room with no aerial connection or UTP cabling.
I note that there are also devices which utilise a single cable the main problem for me at the time of ordering was that these were vastly more expensive.
I don't have a product reference for the devices I purchased, but bought through CPC/Farnell