Honestly, I think that indiviual wheel speed should be more of an option (or version 2) rather than a standard feature. GPS would be nice, but i'd imagine that would be more of a software thing on a computer rather than part of a standalone datalogger. Perhaps there is a way to 'modulise' this project and have addons, such as GPS, suspension travel, ABS sensors, etc
Also i'd vote for USB connection to a computer if it possible. Would be nice to have but not absolutly neccessary.
How could you measure suspension travel exactly? some sort of variable resistor mounted on a slide?