You did not say if you were a Cat I sprinter or a roady with good climbing. The more the latter, the faster you should be in a marathon. I went the other way (ran and then raced the bike (just Cat III) for 3-4 years. I will make general comments first, then tak on the age side.
I ran a marathon at the end of November after starting serious running in August at age 25. Since HS I had run some and ridden some, but not consistently and when I was younger I was not good enough to make the varsity XC team at a big California HS, although I matured late and was inherently much better several years after HS, training aside. I ran 2:52 after getting to 100 miles/week as quickly as possible and then fluctuating up and down around 90/week. (and I ran 21.7 in 2:20 after 6 weeks) Hence I was surprised how modest Lance's debut was -- he clearly was not interested in running 100mi/week.
At age 40 I tried to come back for a marathon after 10 years of running some, mixed with racing for several years (bike) then riding hard at the bike club-level (50-150/wk) and running 20-40mi/week. Starting consistent work in March I was Almost ready for Twin Cities when the problem that caused me to punt at age 30 (plantar f.) cropped up. I was aiming for 2:45 and was hoping for 2:40.
I think that 3:20 might be quite modest for your athletic level, depending on how efficient you are (Armstrong looks awkward running in the ads on TV). Often runners that ride and riders that run end up working at a pretty modest pace on the 'other' sport. You should try to hit the same calorie output (corrected some for duration: riding is usually longer and hence a little lower effort level) in the two.
That probably means that you need to start training yourself to run faster. 7:05 pace is not too quick, you should be able to get closer to 4min/km (6:27), which is only 9.32 miles in an hour -- I used to do many of my semi-long and long runs at this pace or faster. You should turn over more slowly running (90/min running hard -e.g., 10km race -- and 85/min normal pace.
As a Cat I you should have been able to burn 1000 calories an hour or more. At 145 pounds and reasonable efficiency you should be at 100 calories per mile which translates to 10mile/hour -- you will not be able to convert completely because the muscle differences but since running requires supporting the body rather than sitting, you get some extra calorie burning there.
The age side (and weight) will both play a role. The age will make you a couple percent slower but not much more. However, it will also lead to a longer period to increase your mileage, and lower mileage overall. I would recommend continuing to throw in rides both on off days and as some real workouts. The workout side is that you will only be able to do hard pace hour runs occasionally and similarly with 15 - 20 mile runs. You can supplement this high-level/long duration work by doing similar work on the bike.
Also make yourself as smooth running as on the bike -- do not do the running equivalent of 'pedaling squares' (as Phil Liggett might say). Also, run with people that are longer-term runners and who are a little faster than you. You may end up picking of their stride pattern if it fits your physique and it will push you some.
Finally, I alway have trouble with the notion that long runs, designed to prepare for marathon distance, being run at several minutes above intended race pace. You are not training your body for the right event. I think this advice comes from knowing that your average Joe runner cannot maintain that effort and commitment and will get discouraged. I always did one long run faster than marathon pace (adjusted for conditioning level) which was often the first 20 miles of a marathon where I might go through 20 miles a minute faster than race pace for a marathon (e.g., a 2:37 marathon target would lead to 2:00 20mile time and thus a 1:59 target 20-miler. In such a race setting with water and road control you will generally be able to run faster than on a regular training run (also ease back both before and after).
Run, run fast-pace tempo workouts, do not consider yourself part of the Runner's World class of runner - you are much better than that coming off of Cat I status.