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@joel.
It's difficult to argue against raising money for charity, so in that sense then it's a good idea - but I agree with the Cake Dr in that the issue could be around asking people to hand over the money - I've never done a charity ride, and would only do so if the cause was something that seemed relevant to myself (ie, relative has cancer, so thus raise money for a cancer charity...) as I reckon that would generate the most donations. I'd figured that you could only really do one or two charity rides before people got bored of handing over their money to you or started making unreasonable demands for what event you would need to do next...
If you do this I'll give you 10 Euros in Berlin!