It is possible!
Hi,
some friends of mine rode 2 bikes from Arizona to Panama and left them there. They flew out without the bikes and had no problems!
I flew with another friend to Panama, we took the bikes and rode them back to the US - even we didn´t have any trouble - incredible!
We did the trip in 4 weeks, but to be honest I wouldn´t do it again in 4 weeks.... You need at least 6-8 weeks, better more time!
We were only riding riding riding.... I speak fluent Spanish, if not we would have needed more time at the borders...
Good Luck!
Jens 
(right now in Argentina - going to Tierra del Fuego)
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