It’s definitely possible to pick up your bags and recheck in for the WY flight in 2.5 hrs as you have no immigration to go through into KL coming from BKI
if the flight is on time, and particularly if you have status with MH to get a ‘priority’ tag attached to your baggage.
Estimating a somewhat conservative
~20mins taxi ~10mins deplaning + ~10mins walk to carousel + ~30-45mins wait for bags + ~10mins to exit & go back up to WY’s check-in counter, you’d still have ~30 minutes before WY closed its counter @ T-60mins to departure. ([Edit] Looks like KUL arrival times are ‘at the gate’, not time of touchdown.)
Still, according to flightstats, the 4pm BKI flight, while mostly on time,
is sometimes significantly delayed... given you seem to be somewhat risk-averse on this, it might be better to look into an earlier flight. You’d likely be in the 90% on-time stat, but if not and the flight’s an hour+ late coming in from BKI, you’d not make that Oman flight.