I find it hard to believe that CASA would give any sort of approval for this to happen without a massive risk assessment.
Why? It's a private op, why would they need a risk assessment?
The pilot is a grown-up and understands the risks.
The rider is a grown-up and also understands the risks.
Life, believe it or not, involves risk. Let these guys have their fun and make their own assessments of the danger. The less interference from CASA the better.
Flak jacket on...