HIIT on the stationary bike???

Can HIIT be performed on a stationary bike? I planned on having the resistance at the max, warm up for about 2 - 3 minutes, ride fast for 30 seconds, then ride at a moderate pace for about 45 - 60 (for now, I'm working my way up to do 30/30) and then repeat, until I've done about 15 - 20 minutes. Sound alright?

Will the stationary bike help reduce my hideous saddlebags?

Edit: Lol, what does bump mean? *is a newbie*