I don't know but my concern would be you spend $40 on a chest strap only to discover how uncomfortable it is to bike with it on. Not so much because of the strap but having the camera attached to your body is going to require you to be extremely upright and very, very, very, very still.
Next time when out riding, give trying to stay in the same position a try. If you can do it, do it for an hour, and are happy with it, go for it. If not, I suspect you'll end up with the same sort of results as mounting the camera to the handle bars.
Either way, let us know what you think and if you do something different. What matters is how things really work, not how speculators like me think they may.