4800ft (1.5km for anyone who uses metric) is not a problem for wireless, but the key thing to check is line of sight. Microwave radio waves are significantly absorbed by almost anything that gets in the way, so if there are large buildinga in the way then this will present a problem.
If you a certain there isn't much in the way, I'd suggest some small 15dBi parabolic antennas such as
these. These offer good bang for buck and are pretty easy to align.
Regarding the WRT54G hack, these work
very well but I wouldn't recommend increasing the power over about 19dBm (approx 80mW) as the radio will possibly start performing in a non-linear fashion and generate lots of noise. Even the stock output should get you a perfectly reliable 1.5km link if you have good line of sight.