Could this treatment be applied to bamboo, and would it be advantageous to do so? (I am thinking of applications like wooden bicycles)

Dave, we have been looking into that (bamboo, but not bicycles).

The light weight and toughness which make bamboo suitable for bicycles translate into a lot of engineering applications, so it is great that you are looking at it.
Here it is for bikes:
http://www.calfeedesign.com/bamboo.htm