A bicyclist was on a three day tour around a lake. On the first day, he rode 78 miles, on the second day he rode 54 miles, and on the third day he rode twice as far as the second day. Which of the following is a good estimation of how far he rode in the three days?

190 miles

230 miles

270 miles

310 miles

350 miles

The total distance he rode is 78 + 54 + (2 x 54) = 240 miles. The closest option to this answer is 230 miles. Therefore, the best estimation is 230 miles. Answer: \boxed{230\text{ miles}}.