Attack bike with multimelta is not a complete waste of points. It has some advantages. It's relentless, so you can move and ignore cover if you take Sharpshooter, and you get to fire the twin-linked bolter as well as the heavy weapon. It's also harder to kill than a marine on foot since it's T5 and 2W.
That said, I agree with GamerGuy in general. You get more bang for you buck if you take more tactical marines. I would probably take 10 tacticals in a Rhino and plasma gun (with Preferred Enemy) on one marine. That's 200 points on the nose for Blood Angels. Keep the plasma gunner in the Rhino to keep him alive.
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