Actually, it would work, but it would likely weigh more than an entire cheap bicycle weighs today. You'd have to get Tony Little to sell it as an exercise machine.
If you _could_ make a bike frame entirely by casting, and it _didn't_ weigh a ton, the founder would surely win a prize.
Today's safety bicycle is a highly evolved product, not likely to change in any major way ...
... until its replacement shows up and kills the market overnight.
Casting is probably not a good way to make a bicycle frame, or someone would have done it. But it might be the best way to make the frame of the bicycle's replacement, whatever that turns out to be, so don't feel limited by what I said above.
The world is overflowing with unlimited opportunities, disguised as insoluble problems. Some of the disguises are very good....
Mike Halloran
NOT speaking for
DeAngelo Marine Exhaust Inc.
Ft. Lauderdale, FL, USA