This is big bicycle ride. Not necessarily because of the distance (if you're a regular road cyclists this amount is your usual Saturday or Sunday ride) or the terrain (there are only a few sections with significant climbs), but big because of the setting that you're in and the traffic that you'll experience. Keep in mind that there will be long stretches where you're removed from the views of that inspiring, emerald blue and you'll have time navigating the trucks and construction zones in areas like South Lake Tahoe.
This is what I'd suggest, if you're looking to tackle this fun, full-day adventure by bicycle. Go in the clock-wise direction so that you have views of the lake on the same side of the road that you'll be biking on. Get up early and make your way in a vehicle to Secret Harbor on the Eastshore drive. I started there for two reasons. I wanted to finish there and cool off in the waters with a swim and I wanted to start there in the cool of the morning, since there's a good climb to get up and out of the forest you'll pass through as you head south.
Be sure to keep stocking up on fluids as you roll through small towns and look for the bicycle lanes that offer you respite from the trucks and zero to no shoulder.
Once you've returned triumphantly to Secret Harbor, celebrate with a swim or stand up paddle board trip to soak up the essence of the largest freshwater lake in the Sierra Nevada. Congratulations!