Yes that will work but it is important to remember the position of the umbrella must remain at the same general angle, pitch to get a consistent exposure from image to image. Otherwise the angle of the light could for instance, throw more light onto the bike and poorly expose the face. The only way to get around this is to buy a large umbrella say a 50' or 60' convertible. With a bigger light source you will have a better chance at exposing the entire scene.
Here is a link to the umbrella I mean. Again be warned, the bigger the umbrella the more difficulty you will have if it is windy in the least.
You may be able to find this on E-bay or someplace for a bit cheaper.