While it would be wrong to state that the frequency of radio signals is unrelated to the distance that they can be received over, you probably won't notice much difference between a 1.2Ghz transmitter and a 5 Ghz one.
1.2GHz is in the upper end of the UHF (ultra high frequency) band, whereas 5 GHz is in the lower end of the SHF (super high frequency) band. UHF is used (among many other things) for terrestrial TV signals, with a typical main transmitter having a power of around 250,000 Watts. SHF isn't normally associated with radio or TV signals. It's most common uses include wi-fi connections (which use very low power) and radar systems (with quite high power).
For your purposes it's likely that 1.2 GHZ might be somewhat better than 5 GHz but neither is totally impractical. It would probably be more important to concentrate on finding out which frequencies (if any) you can get a licence for. I can find nothing within the technical section of the Ofcom website to suggest that unlicensed operation of equipment within the frequency bands you refer to is permitted. Indeed, the frequencies you've mentioned (1.2 GHz and 5 GHz) are alarmingly close to those used by aircraft navigation systems.
Chris