I've designed many projects like this for my job, but I have not used Freelancer before.
It's hard to judge how long it will take because the description is not complete, though. For instance, when you say "Each input should be prioritised", do you mean that plugging into jack #1 should disconnect jack #5? (Very simple) Or should the inputs be mixed together? (Fairly simple) Or do you mean that a signal on jack #1 should cause the level of #5 to drop temporarily? ("ducking", which is more complex)
"It use should be powered by a minimal voltage." Like a few AA batteries, or can it plug into the motorbike's battery? Do they have sockets like cars?
Will it be driving a speaker directly, or will it have a line out that goes to a separate speaker amplifier? Will the inputs and outputs be stereo or mono?