As much as I admire and respect Obree i'm afraid he would stand very little chance of putting in a realistic bid for the record (god i hope he doesn't read STW and get all down again). Isn't current record held by Ond?ej Sosenka? I don't know if anyones beat it yet, but when he did this it was estimated that his average power output for the hour was about 430 watts (I'm pretty sure this was chemically 'enhanced' too, judging by his latest antics with crystal meth of all things). Now this is hour record is the 'athletes' record so you have to use a pretty standard bike with standard bars and position.
When Obree got the hour record he did it using his crazy fangled bars and position superman then the 'mantis' position), which isn't allowed for the 'athletes' hour. And because of the position/bike he used only needed to generate 400 watts. This of course is still a huge output, but was 15 years ago and he was motivated by competition with that guy that knocks up those bikes for Halfords.
It is unlikely that Graeme could improve his power output sufficiently to seriously challenge Sosenka's record. I'd love to see him give it a go thou. Just keep him away from the roap and oxy acetalene bottles.