Actually, this is differenct than simply FM modulating the clock. Scrambling the clock should produce a pseudo-random sequence thus signifacantly spreading the energy over a large spectral range. Therefore, I should have a scrambler circuit after the clock generator, and descrambling circuits at each recieving node.
On the other hand, FM modulating the clock after the source by a fairly high frequency can negate the need for the demodulation at each recieving node. Unfortunately, this solution does not provide enough sprectral density expansion. Therefore, to achieve acceptable peak reduction, I would need to modulate the clock with a low frequency signal. Thus, a demodulation circuit is needed at each node.
Therefore, if I must have a descrambling circuit at each node, I would like to try and minimize the peak spectral denisity. A truly random sequence of 0's and 1's should produce the smallest peak denisities. Unfortunately, a truly random sequence cannot be used as a clock, but a pseudo-random sequence can.
Hopefully I have not insulted anyone's intellegence. I just wanted to explain why I am going down this path.
Thanks for everyone's help!