I have done this numerous times. Here's a little more information to pass on.
I've done it with a single UV-5R and an Arrow antenna. The downside of this is that you can only operate half-duplex. The problem with that is that you often transmit on top of other operators trying to make a contact and you earn, at best, a bad reputation. The FM birds are full enough. If you really want to try it this way then please do it very early in the morning or very late at night when the birds have less people.
The best way to proceed is with two radios. I have done it with two UV-5Rs - one for transmit and one for receive. This way you can operate full-duplex and not walk on top of other operators.
-David, N9KT