I distinctly remember a very similar rodeo held at our city's rec. center in my youth. For whatever reason it was not incorporated into the school curriculum, so while it was not completely free, the reasonable fees included a bike helmet (with proper fitting explained in a "rodeo" event) and some nifty safety stickers, etc.

I'm all for formalizing this education within an actual school context, firstly to ensure as many children as possible receive it, but also because at that age--if memory serves--riding bikes was pretty darn cool, "competing" in exercises was fun, and navigating orange cones made you feel like you were a racecar driver! Kids remember fun even when it's packaged with education. ...lest we forget.