Relative bounds on radiation efficiency are established for time-modulated antenna systems where radiation is generated by broadband conduction currents impressed using idealized non-radiating time-varying subsystems, such as those found in direct antenna modulation (DAM) transmitters. Analytical and numerical examples demonstrate that the condition of quasi-resonance, common in nearly all practical direct antenna modulation transmitters, imposes severe restrictions on the otherwise unbounded gains in effective efficiency theoretically achievable by this class of time-modulated transmitters.