I have crunched the numbers again on a new envelope, and with some realistic Tx/Rx panel size (3 meters) at 5 GHz, I see how you may end up with 70% efficiency assuming diffraction limited panels but also with 100% efficiency of the electronics.
Since I have the idea that you are part of Emrod, I would like to ask you why you opted for rectennas at receive and not some other antenna tech? Is it simply the integration between antenna and rectifier (smaller footprint?) or are there more reasons?