What cycling are you talking about?
I think doing a recumbant bike is a good way to exercise and read. If you plan on reading, you might as well push your legs as well. I used to do it on deployment a lot.
If you are talking about a mountain bike, or street bike then that is a completely different story. So much more of your body goes into play in these things than you might think. You are moving left to right to balance and push, which works out your arms (forearms will especially burn), your obliques, etc.
When you say calf you need to understand there are two different muscles that make up the calf. A seated calf raise works out your soleus which is why a lot of pro bikers have that crazy definition on the side of their calf.
I would say running and biking, fit in perfectly within your goal. However like I said, I am very anti recumbent or upright bikes at the gym. They are good for a lazy work out, but only if there is a good work out somewhere before or after it.
