I have a strange feeling that someone didn't like my previous post, maybe I should have been more verbose, trying to correct that now (because previously it seemed that a simple confirmation was all that was needed).
I have no experience in doing what you're trying to do, but I think you are on the right track 
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I have some experience in doing that, and the answer is yes.
And as for the simpler way (which seemed to be the question with secondary priority), the answer is also yes. You could rotate the side view image on the left 45 degrees and you wouldn't need those projecting lines.
The light is supposed to be coming from the upper left hand corner
Assuming that the brightest (yellow) highlights are reflections, are the reflections coming from surfaces that are on the parallel planes?
I see you have added some details that weren't there in the original side view, so for example the highlight on the thing (whatever it is called) that is covering the front wheel and the highlight on the back part of the bike, are those in surfaces on parallel planes? if they are not, then the reflection locations are inconsistent.