@Cuscus, thanks a bunch for the quick response and taking time for all the info. As for the first part, I am from a big city in India and have decent bike riding experience (6+ years in Indian traffic, and recently in Philippines). Not saying that something cannot go wrong, but unless Bali roads are an absolute death trap, I'd think I'll be fine. About license, I was going to ask you in the followup question - I have a motorcycle (with gear, no engine size limit) & car license in English (from India). However, I will not be able to get an International Driver's Permit due to logistics reasons (I currently reside outside India). I researched around and found that this could be an issue with the police, but can get away with a small 'fine' in cash. Is it safe to assume that, or do you not recommend?
As for the distance, the first two days itinerary shows 3 hours for ~90 Km each day, per Google Maps. Is that incorrect? And with almost full day on road, do you still believe it is too fast?
Regarding Gili, part reason for picking them is of course the reputation (turquoise waters, sunset, etc). The other reason is the Full Moon Party, which I heard is on Gili Air. Is not the worth the trip?