Oops.... That will do an excellent job of lighting up your LEDs, but is unreliable at best for being visible to others. It depends somewhat on how far apart the lamp and tape are, but if you're lucky some of the cone from the reflector will land outside the lamp, mount, and other bike parts to be visible to a human. If you're really lucky, someone who needs to see you will be inside the bits of light that escape the system.
Of course, if your plan is to light your bike as an object, you might manage that well enough - though I suspect it would be brighter if you targeted non-retroreflective surfaces.
Tor
I'm thinking you must be imagining a complete different approach than what I have in mind. I'm already running two white Skinks on the front forks and two red ones on the rear seat stays of one particular bike and was thinking that some reflective tape on the spokes and rims might clearly define a bicycle shape just from the spill from the LEDs being in close proximity. Just an exercise in trying to get the most from the least.