Yes you can kayak and canoe on the river, they even have good put in and take out points for that see this link, you might call to get info. The official trail itself goes south from Ray Roberts SP to 380.
TPWD: Ray Roberts Lake State Park - Activities, Area Attractions, and Directions
There is a map link on that page We see people canoeing that river so it must be a nice ride.
As for bike riding it will take a few hours as 10 miles one way is 20 round trip. You can shorten the bike ride to go as long as you wish. We have at times ridden the top half from the dam on Farm Road 455 to FM 428 and back, the bottom from 380 to FM 428 (the part we just hiked) and the entire route. The entire trip was more than a few hours. There is a nice rest area at FM 428.
It is a harder ride that street riding but plenty of places to stop.