Getting bikes on buses any way would be great. It would help us all to use bikes more, especially people who are new to biking and are not used to hills. They could hop on the bus to go home. Also families could go for a ride, knowing that if the kids get tired they can catch a bus home.
External racks sound excellent. However, if they are too expensive to start off with, then it would be almost as good to have space inside the bus for bikes and other bulky items. If a couple of seats were removed there would be plenty of space. Or it is quite easy to just wheel the bus down the aisle and keep out of everyone's way. There could always be a rule that if the bus is full the bike can't go inside.
Perhaps the internal shared space would be the most cost-effective way of getting bikes (and other objects) on the bus.