This may not be a good idea to post on a thread that is so dated with so little activity but I believe the technology exists that should make a bicycle umbrella a reasonable, feasible and functioning idea.
I been working on the Rainfish umbrella trying to accomodate a common two wheel bicycle. There is no reason the recumbents and cab bikes should be the big show stoppers that make everyone stop and stare when out riding! I've posted a couple of Youtube videos at
http://www.youtube.com/user/TheRainfish

Because this design is still a prototype it is possible to still make broad changes to include in the functionality.
Let me know your thoughts.