Final summary of Indian bike hire below (and table in next post)
All rental options require 20000Rs ($509) deposit, refundable on return of motorcycle.
This is to ensure that the bikes are not sold in Nepal (where they are worth more apparently).
General consensus is Option 2, with the guide/mechanic along for the whole trip.
He will tune/repair the bikes each night, and full safety check each morning.
The hire agency for Option 2 is Smart Motors ( www.smartmotors.co.in )
1743/55, Hari Singh Nalwa Street Nai Wala, New Delhi, Delhi 110005, India
011 4504 2943