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I've done it a bunch of times on a road bike. Last pass was up in November on a well laden bike and its currently 95-98% rideable depending on general riding skill. Riders may end up walking more of Winnats (or cutting to the top to provide a cheering committee) and its an interesting bit of routing that visitors to the area often miss out on.
I've already suggested a few so I'm not going to do any more. Whatever route gets decided on, I'm happy to offer general guiding, technical, back-marking services etc for the day.
I think a loop is a good idea.
That road down from the top of mam nick to winnats seems to have fallen away but should be walkable I guess