I gave a lot of thought to trying to play with my old 720 this way, but gave up on the idea pretty quickly. Lots of downsides:
1) The TomTom screen is OK, but not all that great when it comes to reflected glare. Not easy to use outdoors in the sun vs. in the car.
2) Coming up with a mount for the TomTom was problematic. Even the 3rd party mounts left me with some peculiar Rube Goldberg lash-up on the handlebars, all of which wasn't solid enough to avoid a lot of vibration which made the unit nearly impossible to read while riding.
3) My TomTom didn't really appreciate going off-road (we're talking a mountain bike here, right?) since it wants to snap to a road all the time, and TomTom doesn't produce trail maps for their units.
4) The battery life wasn't cutting it at all. Because of the glare issue, I found myself with the backlight turned up fairly high, and could only get about 1-1/2 hours use.
5) I had to load 3rd party software to get useful information. Very few TomTom models will produce a track log without adding 3rd party software. I was able to come up with a couple of packages from
Le Web B@zar !!! Roadbooks, Liens, Calendrier, Essais, Motos... !!! that helped, but without some kind of map that would work off road, it still didn't work well for me.
I wound up buying a mid-range Garmin handheld and a bicycle mount. One good set of 2500mAh AA batteries would last me the whole day. Worst case, you take two more AA with you. The handheld overcomes all of the problems above. It's worth your consideration.