I have a few tips that might help you out with this since I've a built a few mascot (fursuits).
It appears that the head is not going to be one of those typical huge mascot heads which will make things much easier for you. My first suggestion would be to reconsider using a bicycle helmet as the base for a couple of reasons 1) they are notoriously hard to keep firmly on the head when the performer is very active. 2) they can limit the shape and placement of the mascot eyes and mouth which can lead to vision and ventilation issues for the performer.
My recommendation would be to build the head "Balaclava" style which will be formfitting but still flexible enough for a reasonable number of different head sizes to use it. To build this you cover a model with sheet foam and build out from there. You can use your clay technique (which I use BTW). A great item to have is a full size head armature, you can get them here:
http://www.monstermakers.com/product/deluxe-full-head-sculpting-armature-life-size.html.Make sure you figure in putting a fan in the head for ventilation! It can get over 120 degrees inside a suit head in a big hurry.
I recommend checking out the LiveJournal Fursuit group, there's a ton of information there and plenty of people willing to help out. http://fursuit.livejournal.com/
Here's an image of one my costumes:

Good luck with your mascot project, looking forward to seeing how it turns out.
For myself, I'm actually doing mostly puppets now because costumes are very time consuming to build.
Cheers!
Shunaka
www.furville.com