Personally.. I would prefer to see this application continued. I like where it's going as a dedicated biking app--the idea of show elevation and/or showing it as a 500 second graph alongside or instead of the speed graph would be EXCELLENT.

It would be darned near perfect if it would also write out a trip file so that it can later be reviewed on Google Maps or in some fitness sites or software.

Thanks for releasing the source, btw. As far as what you need to do, you're automatically the copyright owner--just put your license (public domain, GPL version x, etc.) in the C header. I think that's all you need to do.