Oh jeeze...
If you have the patience then I'd say go for it.
You need some SERIOUS patience.
After 2 hours of working on the front fender I gave up on doing mine.
It's durable stuff and looks great.. but it's a PIA to work with.
If you're looking for something simple and cheap that wont damage your paint check out plastidip..
www.dipyourcar.comhttp://www.dipyourcar.com/forums/forumdisplay.php?14-Motorcycle-DippingThe second linke is to the forums where people display their dipped bikes.
The regular forum has dipped cars that show more colors
If you're dead set on 3M though.. you need Rapid Tac (helps ALOT), a heat gun, and a felt squeege. It's all pretty cheap stuff.
Also.. check out some youtube tutorials on how to vinyl wrap stuff.