I built a series hybrid electric bicycle, see:
Series Hybrid with Hubmotor - MotoredBikes.com: Motorized Bicycle Forum
My experiment was a range extender, and it added 50% to the range of the batteries. For the weight and power, I would have been better off buying better quality batteries with more amp-hours rather than building a hybrid. However the experiment proved to me that a gas motor and permanent magnet motor of the right size would do the job of moving the bike around 100% of the time, rather than just extending range. The difficulty is in finding permanent magnet motors of the right size and which give the right voltage at the motors most efficient rpm.
If you don't need to start the motor with the permanent magnet generator, alternators are a better "alternative" to permanent magnet motors.
I thought this "permanent magnet" alternator looked pretty good:
Permanent Magnet Alternator Wind Blue Motor Wind
Add a couple of these to an electric start motor and you should have mucho amps.
Just because it is a hybrid does not mean it will be efficient. The efficiency comes with optimizing every part of the system.