I had this idea years ago. Would have patented it but I don't know a damn thing about electronics... Now this guys going to make all the money..
Your idea is good Rama, but bluetooth has a pretty limited range. It would be better to have a transmitter capable of being picked up by others as well.. like if you're on the track and your crew (like any of us have one).. could monitor your bike and see the same info you are. If it tied in with the central CPU on the bike you could get all the info you wanted. I think I'd rather save a few bucks and skip the gps.. go with just the bike info on the heads-up.