A few hours later:
I've UV mapped all the objects on both the Low poly and Mid poly models and I applied the checker material so I can see just how neat the UVs are and I have to say that they aren't looking bad. Very usable indeed. Some parts needed more tweaking than others or just complete rearranging of the UV points but I think I got there in the end. You can now see the checkered pattern and not smudged checks looking more like swirls.
UV mapped Mid poly model.
I've already started texturing parts of the model such as the front wheel alloy, which you can see. I've decided to try and get a more realistic look to the bike rather than going for a hand drawn effect, so I've used some photos and then adjusted them and blended them with various colour layers and effects in Photoshop.
The main images I have used to create the alloy are:
NB: These images are copyrighted to the respected owners and are used for educational purposes only.
And the finished result is this:
Add a Bump map and hey presto:
I'll come back to the bump map as I'm still a little bit unsure about some of the areas.