Yes, the 305 can be mounted on your bike. The mount is designed to fit on the base bar, but due to space limitations I had to rig mine to be mounted to the stem. Got the idea from a thread here on BT.
It has a bike mount that sells separately. You have to replace the original band then can use it with the bike mount or the velcro band. The best thing is the velcro band that protects the metal contact for the computer/charging cradle in the GPS. In my opinion is more confortable than the original band. I think is around $16 in Amazon.