If you want to make your bike generator as efficient as possible I think using a hub motor would be the way to go, 3 phase AC hub motors are more and more common and would do away with extra belts or chains, you would just have a single chain and not even need the rest of the rear wheel.
But it all boils down to the amount of electricity that you can produce with your body, you would be better off finding ways to use your bike more for transportation so you can drive less.
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