So sounding good and not weighing a ton are out the window.
Weight is not really an issue, I dare say you could run a basic granular synth algorithum on something like a Raspberry Pi (it has enough horsepower, and more than enough memory).
All you are doing is grabbing a bucket load of small audio samples (granules*) and mixing them together on the fly.
(* in the case of an engine syth, each granule is the recording of a single rotation of the desired engine at a given RPM)
The real magic is not in the runtime, its the offline process in how you take the original recording of a bike engine, rev match it, pitch flatten and break it up into granules.
Your other option, which is cheaper in terms of computational power, but requires more RAM (though again a small board like the Pi has enough memory) would be to generate the audio from recordings of the engines at various RPM's and then pitch shifting and cross fading between these bands. This also avoids the need for rare and unusual (aka expensive) tools for creating the granule data.
Heck, if you can get something like FMOD running on a Pi, then the revband implementation above is trivial, and if you could get Wwise running on a Pi, then it also comes with a granular synth system as well...