We apply optical manipulation to prepare lipid bilayers between pairs of water droplets immersed in an oil matrix. These droplet pairs have a well-defined geometry allowing the use of droplet shape analysis to perform quantitative studies of the dynamics during bilayer formation and to determine time-dependent values for the droplet volumes, bilayer radius, bilayer contact angle, and droplet center-line approach velocity. During bilayer formation, the contact angle rises steadily to an equilibrium value determined by the bilayer adhesion energy. When there is a salt concentration imbalance between droplets, there is a measurable change in the droplet volume. We present an analytical expression for this volume change and use this expression to calculate the bilayer permeability to water.