I was there for xmas and can confirm that the flowers are beautiful – I bet they’ll be fantastic in the spring…
We didn’t take bikes. I bet there’s some superb mountain-biking but I wouldn’t know where to look. There were a couple of bike shops / hire companies in Funchal, though, and we saw a group ride setting off from town. Most of the walking trails we used wouldn’t be suitable for riding, but there must be loads up in the mountains. The levada paths are too narrow / exposed, but some of the coastal stuff would be great if riding is tolerated.
Road biking could be nasty due to all the tunnels – some are very long and dimly lit.
Check the temperatures, too.