There's a lack of responses because in general questions like this are difficult to answer. There are so many different interpretations of quality. I have installed CCTV where the client was just happy to have a moving image, and others where the client expected that magic CCTV you get in American cop shows where they zoom in to a numberplate from a half mile away and read it in perfect clarity.... ha ha ha.
"Cost effective" has an equally wide range of interpretations.
For example, I could buy a pasty for lunch for a quid, take one bite and find it is rank, then throw it away. My wallet says this was a "cost effective" lunch. My stomach would disagree.
If we are talking price vs picture quality performance, then the most cost effective way is to buy a CCTV recorder that includes a composite output. Connect that to an RF modulator and the signal won't have had to pass through an external downscaling and interlacing process which is where most of the losses will occur.
If you've bought one of the Chinese IP camera DVR Android boxes then you're just going to have to suck it and see. Spend £600+ on conversion then you'd be entitled to expect something fairly decent. Converters at £50 or less are built down to a price and they're all going to be of a similar quality, and that's adequate at best.
CCTV PVRs with camera connections on the push and twist BNCs connectors will generally have a video output in the same form. It's worth checking just in case you missed it. All that would then need is an adapter cable.
These are mock-ups showing the kind of picture change I've seen in higher resolution to interlaced video conversion.
Detail and text becomes difficult to make out. Diagonal lines become jagged with a staircasing due the the signal being interlaced. Forget about running the CCTV display in split screen mode. The resolution of the mini images will be terrible after conversion. Run as full screen with alarm recording. That way you'll get a half decent iage from the cameras that matter.
The final conversion to RF will add a little noise, but if you choose the output channel carefully then it can be quite close to video quality.