It's like the spokecard idea that sound great in our head, but completely useless in reality (no one look at bicycle's wheel, and impossible to read while in motion, etc.).
It could work if there are going to be another memorial/reminder ride where all the cyclists have the same armband, but at the same time, it could be a political ride in appearance.
Point being, there are a surprising number of people who has no idea what a white bike represent (unless the bike have a big "RIP" sign on it).
I'm going to echo what I said about this again;