This is the closest thing i've seen to the GRM Challenge for bikes:
http://dirtbagchallenge.com/
(nothing really performance oriented tho) I'm dyin' to build something for it. The rules are $1000 build up in one month. The thing that kills it for me is that its on the west coast, i'm in philly, and the one-month start date is kept a secret unitl it happens. that makes planning for a cross country build a bit problematic....
I bought a CB650 for $50 of CL last year. havent touched it since. It would be a perfect candidate for this event....
