Once we know the turbine speed and allowing a small amount for losses between the two tyres, don't we have a reasonably accurate bike rwhp figure?
That's what I was initially intimating. Sorry for going around the houses. I enjoyed it! 
right Propellor, ive been and measured up in the garage. tonights brain teaser for you, cos my brain is shot.
4.5 crank revs turn the bike back wheel 1 rev
bike tyre outer circumferance is 1.965 meters
brakebench car tyre outer circumferance is 1.832 meters
if the bike is running 7460 rpm
what revs is the car wheel doing?
what speed is the bike doing , if it was on the road?
the stroke of the engine is 86mm, if it helps with any future calculations
Evenin.
We can treat the tyre circumferences (or diameters, doesn't matter) as a ratio to multiply the ratio from crank to bike wheel, although the ratio between the tyres is speed increasing, whereas the ratio from crank to rear wheel is speed decreasing.
Torque transfer works the opposite way. Speed decreasing ratios multiply torque by that amount, always less a percentage of loss, even if the transmission is positive by gears etc. There is no loss of speed if the transmission is positive but there will be a loss if friction is required ie the two tyres. It may be small but it'll be there, you can bet.
7460/4.5=1657 rpm (rear wheel)
1.832/1.965=0.932 (ratio between tyres)
1657/0.932=1777 rpm (turbine, pre slip allowance)
Guessing 2% loss 1777x0.98=1741rpm at turbine.
12kg at 1 metre radius = 12 kgm that's about 120 Nm
120x1741/9550=22kW that's about 30hp.
If I've not made a mistake then we can put back the two percent loss for a representative power at the rear wheel.
So 31hp ( being generous with rounding!)
That'd be about 34 hp at crankshaft.
Anyone spots a numpty mistake please yell!
I'll get back to you on the road speed shortly, once I've got my head around how many inches in a mile etc!
Cheers