Thank you thats really helpful advice. Could you please let me have a link to the forum that you suggested.I looked through my 'Lotus Collectables' book and they didn't show anything. What I did notice is it looks like the front wheel on the Lotus bicycle, perhaps it's a proto-type and the letters PM could be the manufacturer.
If you haven't, go over to the Lotus Forums, either Bibs or Tony K. jr might know what it is. Tony Kimberleys father was CEO for Lotus for many years, I'm sure he would know the answer.
If it were mine I'd leave it alone... it's a piece of history. Trying to make something out of it would be a mistake. Stuff like this is extremely rare.