On this page we attempt to make available the experience of individual bicycle tourists who have travelled with El-Al (you can share your experiences here).
I can tell the experince of myself, an ISRAELI rider. I don't know how they treat forigner riders.
As being an Israeli airline, they do as Israelis, and "round corners" if you have the right attitude. They usually don't bother cyclist under 25kg, but with special treatment you can get 30kg alloweance easily.
My girlfriend's sister is a travel agent who got us a 30kg allowance saying we are "special customers" (which I think is true, being cyclists who toured in South-East Asia).
Another friend got 30kg just asking his travel agent and then in the airport he got special treatment since his friend worked in El-Al security.
Plus - if you are a member of the Israeli cycling union, then you got a special privilige which is a larger luggage allowance (25kg) with no charge.