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 use of droplet shape analysis to perform quantitative studies of the dynamics during the bilayer formation and to determine time-dependent values for the droplet volumes, bilayer radius, bilayer contact angle, and droplet centerline 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 the droplets, there is a measurable change in droplet volume. We present an analytical expression for this volume change and use this expression to calculate the bilayer permeability to water.