This question came up in a recent presentation:
Can we localize a Bundle?
As I understand it we can localize bundle details such as metadata, but not the actual list of items. We can, however, add shared items (from a higher publication) into a Bundle in child publications.
A basic approach would be to add bundles for content, pages, and functionality at appropriate publications, but then add those bundles in a "publishable" (or "master") publication.