Be careful when you say "AC coupled", you should never AC couple digital signals!
I think you may not be understanding why the encoding is needed so I will try to explain:
Imagine your transmitter sends 433.0 MHz when the digital input is 0 and 433.1MHz when the input is 1. It looks like it is very easy for the receiver to decide what was being sent by just looking at the incoming frequency. Now take a second transmitter, still perfectly within manufacturers tolerance but not tuned to exactly thew same frequency, this one produces 433.1MHz and 433.2MHZ, still the same amount of shift but because of manufacturing tolerances, 0.1MHz away from the first one. The link would show '0' as '1' and probably random noise where a '1' should be.
I have exagerated the frequency shifts, in reality they are much smaller than 0.1MHz which makes the problem even worse.
Look at how the receiver works, it has to decide if a '0' or '1' was sent even though the frequency may not be known exactly, to keep the circuits simple, they are not exactly tuned and do not have enough processing power (if any at all) to be able to measure the frequency. What they do is convert the incoming frequency to a voltage. They start by converting the 433 MHZ down to a much more manageable frequency, maybe 2 or 3MHz, note that down converting the frequency lowers it by does not change the amount it shifts between '0' and '1' states. So if we started with 433.0 and 433.1 we might end with 2.0 and 2.1MHz, note that as a proportion of frequency the shift is now much greater.
Next, this lower frequency is converted to a voltage, for example 2MHz might give 1 volt and 2.1MHz might give 3 volts. This is a simple process achieved in a conventional FM discriminator.
So now we have a voltage shift which is proportional to the data that was transmitted. It looks as simple as just using the voltage as the digital output or using a comparator to decide if it is above or below a certain level.
This is where it all goes wrong!
If you use a comparator you have to decide where the threshold is between the voltage representing '0' and the voltage representing '1'. Remember that different receivers and transmitters may be on slightly different frequencies so they will produce different voltages from the discriminator. Clearly, no single threshold will work, it has to be adjustable for each combination of transmitter and receiver and this would not be practical to do. In reality, the voltage shift between '0' and '1' may only be a few mV whereas the difference from one module to another may be many times that. What is needed is a device which can track the changes in signal, whatever voltage it produces and still be able to see the instantaneous changes which are the data you are looking for.
This is where the "Data Slicer" comes in to play. It is a very simple circuit consisting of a voltage comparator and an averaging circuit. The voltage from the frequency discriminator is split two ways, one directly to the comparator, the other through the averaging circuit and then to the other comparator input. the averaging circuit is normally nothing more than a series resistor and a capacitor to ground, in other words, a low pass filter. By virtue of not being able to see instantaneous changes in voltage, the averaged voltage will tend to be somewhere between the '0' and '1' voltages. If the direct voltage is above the average the comparator outputs a '1', if below it, it outputs a '0'. The output of the comparator is your recovered data. Note that the average will adapt to whatever the voltage is so it tracks different frequencies, overcoming the manufacturing tolerance problem.
Now we can see why the data has to have a balanced number of '0' and '1' bits. Imagine you are the data slicer and a continuous stream of '0' bits arrives, the frequency will be constant and the average will adapt to it. Now any noise in the signal path will be seen as a '1' because it is above the average. Similarly, if a stream of '1' bits arrived, the averaging circuit would adapt to the '1's frequency and any noise would be below average voltage and produce random '0's.
By ensuring there are no gaps in the data, and the distribution of 1 and 0 bits is balanced, the average will be half way between the '0' voltage and '1' voltage and the comparator will accurately detect both zero and one data with optimum accuracy and noise rejection.
So the whole purpose of encoding is to make life easier for the data slicer in the receiver. It has nothing to do with AC coupling, it is just a simple way of pre-conditioning the data to give it best chance of being decoded.
True Manchester encoding uses a different method of ensuring an equal number of 1s and 0s but for exactly the same reason.
I hope that makes sense! - if it does, please explain it to me !
Brian.