Well, some Formula One engineers have done just that by applying all the disciplines of their normal design skills to a road bike. Modelling and analysis software from Formula One design was used to analyse riders inputs and the changing effects of cycling conditions.
You may be aware that in Formula One racing itself, feedback from the drivers in races is directly used to make changes in design of the cars themselves; this practice was also used for the Factor 001 bike.
As a result, testing of the bike was taken to a new level where data could be fed back to modelling software in order to make changes to elements like the frame geometry.
These bikes are already on sale to customers in limited numbers and of course the price and specification will mean that it is not likely to be seen in many competitions in the near future. However, the point of designing and making this bike was to keep pushing the boundaries and applications for existing knowledge and technology and to apply them to something other than a racing car.
Who knows where this might lead?!
You can read more about the bike on the following link: bf1systems-Factor001