To achieve the 1 set to failure with warm up, you can try a variation on pyramid sets. Normally pyramid sets would have you do ALL sets to failure, but you can vary it to suit you. For example, your target set is 45 lbs @ 8 reps on arm curls. You start off with 35 lbs @ 12 reps, as warm up. Then, 40 lbs @ 10 reps as a 2nd warm up. Then do your main set to failure. Total 3 sets, with 2 warm up sets and 1 main set to failure.

Personally, I do a 2-day split, working each body part twice a week, so I spend no more than 30-45 minutes lifting weights. Since my legs get a weight workout two days a week, I get to bike a maximum of 5 days a week.