For me, I would prefer more time on such a journey with separate flight tickets, especially with checked luggage. As far as Thai is concerned, you are originating in Bali, so if you dont make the checkin time, you’ll be out if luck. My limited experience in Indonesia is that it is easy to end up being short of time ... YMMV.
THAI offers OLCI at T-24, but you probably wont get the e-boarding pass, just a pdf acknowledgment. Not sure if that eases pressure at all.
I doubt Garuda will check you bags through to BKK in this circumstance. You can try.
If flights are already booked, then good luck. If not, I’d try and select different flights to create more time for the change of flights in Bali.