This paper presents a novel channel-estimation (CE) method that mitigates residual phase drifts in backscatter links and a full hardware and signal-processing pipeline for a single-antenna monostatic system. The platform comprises a semi-passive tag, a software-defined radio (SDR) reader, and a 2x1 planar Yagi-Uda array (7 dBi with higher than 30 dB isolation) operating at 2.4 ~ 2.5 GHz. The developed backscatter fading model accounts for round-trip propagation and temporal correlation, and employs an analytically derived resource-optimal pilot allocation strategy. At the receiver, optimized least square (LS) and linear minimum mean square error (LMMSE) CE with pilot-aided carrier frequency offset (CFO) compensation feed a zero-forcing (ZF) equalizer to suppress ISI. The prototype delivers 500 kbps at 1 m with power of 158 uW (SDR baseband) and 10 uW (RF switch), yielding 320 pJ/bit. OOK and BPSK modulations achieve measured EVMs of 2.97 % and 4.02 %, respectively. Performance is validated by BER measurements and successful reconstruction of a full-color image in an over-the-air experiment. The results demonstrate an ultra-low-power, multimedia-capable backscatter IoT link and provide practical hardware-software co-design guidance for scalable deployments.