I don't know about Illinois, but around here if you tuned up that generator and sold it, you'd get quite a few dollars.
You would have enough for a complete chain-drive motor kit, new bicycle, and then some.
These complete kits can easily be installed right in your condo with no welding and usually no power tools. Are you not aware of this? A quick look at the sponsors' sites would be quite helpful, then you could search this site with all your initial questions. Most have probably been answered
As far as the design you asked about, it may get a little hard to control with that 4-stroke up front. The majority of the friction drive rollers I've seen have been smooth. (both of these topics have been discussed here, these people are awesome)
Good luck, and please keep us informed.