Yes, but if you notice that you can't sell that particular kind of bike, there will be less profit motive to steal it. (Scrap metal only. Why would someone buy a bike you can't pedal, and which will break if you try to fix it?) Also, the risk/reward equation might change if the device started reporting its GPS location to the owner and/or police.

I would also put a photocell on the device inside the internal shifter which would also set off the self-destruct mechanism. If I sold these, I'd have a warranty in case of malfunction. The trick would be to make them malfunction infrequently enough.