It sounds like you need two cameras, not one. I’d acutally recommend you pick up the Panasonic AND a GoPro. Although you think you won’t be doing anything “extreme” cameras and bicycles = disaster.
I own a GP, bought one after my nephew gave me some footage for his wedding video: http://www.youtube.com/watch?v=sy23_YOuob4 If you wait until after the first introductory shots, you’ll see some fantastic skydiving GP video..
You might just decide to use two GPs. I went on a Razor expedition last Saturday. My buddy mounted his GP on the chassis and I wore mine on my head. It provided much more in the way of a true experience. The downfall is that you can’t zoom.
I wouldn’t be worrying about live viewing, what do you want to do, crash!!
So, I strongly recommend maybe storyboarding your plan out, maybe do a location sheet. Think about what you want to accomplish and go with one of my suggestions abouve. Good luck!!