Wouldn’t the commuters be more likely to use it from station to their workplace rather than station to home?
I've looked at a number of cycle hire places over they year and mulled their use. Places like Brockenhurst, Yatton and Dawlish Warren where you're looking very much at the tourist / day out market. But I don't think they need to be the obvious places with good marketing and interesting places to cycle - we had them at Melksham last summer and autumn, though I note they've gone away for the winter. Honiton or Cranbrook to cycle to the seaside at Seaton, Sidmouth or Budleigh Salterton would make sense if there are good quiet cycle routes.
Agree on cycling home and keeping them overnight - same efficiency of use problem you have with sleeper trains!