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The apartments you are looking at seem nice (I was in one building a couple of times) and it is a nice area.
You'd be biking up Fish Hatchery over to Park Street. Not a stellar area, but it's a main drag and very few areas of Madison are *really* dangerous. That said I, as a woman, would not feel very comfortable standing at the bus stop near the intersection of Fish Hatchery and 12/18. Kind of one of those situations where probably nothing would happen, but why risk it?
The one problem you may run into is that, if this winter is anything like last winter, biking won't really be an option from Dec - April. We were getting hit with 6-12 inches of snow in one storm. The buses have bike racks, but I'm not sure what they do if there are more bikes than rack space. I think you should think of the bus as you primary mode of transportation with the bike as a secondary option.
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