While I applaud this fine hacker job I am curious about practicality of this.

If the goal is to use to use the bike part with the other applications would not it be simpler for user to simply buy any pedal / crank based power-meter. Going this way one can also choose way less expensive spin bikes.

If the goal is to share Peloton Bike with the person who actually uses it as originally intended then power meter I think is still valid and less intrusive approach.