The right way to cycle for running benefit:
1) Keep it in the small ring up front (39).
2) Learn how to pedal. That is, get clipless pedals (the kind that are like ski bindinds) and learn to pedal all the way around the circle. (You should be pulling backward and then upward on the pedal as well as pushing down. The quick way to get better is to imagine pulling backward from 3 to 9 o'clock on the pedal. It may feel wierd for a while but if you focus on that (and on lifting your knees up high as you come over the top of the circle while keeping the sole of your foot parallel to the ground), you will see: (a)you will go faster and (b) have more power and (c) get a better workout. Always try to keep the sole of your foot parallel to the ground.
3) A decent cyclist who is in a 39 x 15 gear should be able to go 20-22mph with ease, HR around 125-130. If you can't do that, then you either lack aerobic fitness or do not know how to pedal. (12-15 mph is ridiculously slow. that is the speed one might go over a mountain pass but never on the usual roads you will cycle on.)Or you are fat!
4) Cycling does build muscle mass. However, it does so ideally. The resistance aspect of it coincides with an aerobic workout. What better way to gain strength and add to your capillary supply.
5) People who know how to cycle DO NOT GAIN WEIGHT!. Lance Armstrong regularly loses 6-7 kilos (14-15 lbs) from pre-season to the Tour. He does this even as he adds muscle mass. If you watch what you eat, there is no better way to burn off the fat.
6) Comparing cycling efforts to running isn't very helpful. 2:1 might be a fair estimate but keep in mind that top cyclists regularly have VO2max near 90. It suggests they are getting more out of their cycling, for cycling, than runners get out of their running, for running. So the 2:1 isn't clear cut.
7) Runningart is right. Hill running becomes much easier if you've done a stint of cycling. Cycling strengthens your major movers in your legs. If you focus on a pedal rate of 90-100rpm you will find that you preserve your turnover while developing some extra strength.
In short, I think 2 2-hour sessions of cycling a week would be an excellent addition to any runner's training. Research in this area is underdone, in my opinion.