I too have thought about doing something like this and even I applied for redundancy to make it happen (failed). We reckoned we needed about £2000 per month to fund an endless biking trip with 2 bikes (me and missus), food and camping, an ocassional hotel or hostel, and enough contingency for repairs, shipping and other lumpy costs, and even at that it would be very tight.
I would be concerned about the pointless drifting and that £16 per day is bugger all. Split that say 50:50 between fuel and food/other stuff and you have about 2 gallons/10litres per day or less, so about 30-40miles perhaps, some decent grub (important) and probably a small contingency of a couple of quid for ocassional extras. The £5k contingency would soon get eaten up in Visa's, insurance, and shipping as you travel. There's also a Carnet to think about = expensive.
As others have said, it is probably do able but I think progress would be frustrating slow, it would be a constant penny pinching trip and to my mind not much fun. I think it depends on your outlook - it wouldn't suit me on that low a budget.
Whatever you decide have a great time doing it and either way, dont regret the decision - it was the right one at the time.
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