I like the idea but REALLY SCARY !! You need to stabilize the upper weight. Something like tie straps from the handlebars to the rear bumper. The bike will follow around corners through the fork bearings. The thought of driving down the road and only strapping the wheel to the lift just doesn't do it for me.
My concern would be whether the transmission output bearing (at the rear of the engine where the front part of the drive shaft attaches to) would be getting enough lubrication, as the engine is off & therefore the oil supply isn't pressurised.