With the less expensive Garmin's you'll have less features. Garmin Forerunners are first and foremost a running device. The higher up in the Forerunner price range you are willing to pay the more they'll have features for cycling and other things.

I'd think that like other Garmin Devices you can make profiles and associate particular sensors to that profie. So maybe try making a running profile, a stationary bike profile and a "I really am riding a bike" profile. Then if you make certain what profile is active when you are doing what ever, then you'll have better results.