I also wear mineral makeup (on work days). It's the only 'foundation' I can wear daily without feeling icky or without causing breakouts. At my last job, I biked at lunch a lot, and I never bothered to remove it prior to the ride. It didn't run, and it didn't get gross or anything. I also never found makeup on my jerseys where my sweat would run off my face. I don't wear it on weekends, so I can't say how it would hold up to a long ride or anything.

Normally when I ride alone or with DH, I only wear chapstick type lip stuff. If I'm riding with a group where there will be socializing afterward, I put on waterproof mascara. I have puffy-tired looking eyes, so I think it makes me look more awake. This is the same 'routine' I use when skiing with others, or hiking with others, or whatever...