Sheepdog, that is a very interesting concept. I like the simplicity of it, no rocket science involved.
TedV, I've heard of the TRex bearing issue, and it is a concern. But I would imagine it's more of a concern when using an existing motorcycle swingarm, if someone was to build a swingarm that is purpose built for side loads, with appropriate bearings as Michael said, it could be improved.
And Michael, I believe you are correct about the helmet in certain states. As far as I can tell, Wisconsin (my new home in a few weeks) is fairly lenient when it comes to home-built vehicles. Some states require an open roof for it to be a motorcycle, and in those cases, sometimes you then need a helmet. I believe Wisconsin says if you have a windscreen you're okay, as the concern is mainly wind/bugs in the drivers eyes. More research is needed in this area though