Trueblue -
For CV workouts, I prescribe jogging, normally, because I want active recovery the reduces local (muscular) fatigue, yet keeps respiration (breathing and heart rate) up. Walking would allow respiration to drop more, but one's legs would have more fatigue going into the next rep.
I understand your background a bit since I too competed in cycling (criteriums and a few 25 to 60 miles road races). There tends to be a lot more surging in cycling, in order to break competitors and send them adrift; to prevent competitors from drafting. (The big difference between running and cycling is drafting. The positive effect of drafting is small in running, but in cycling it's huge.)
I have coached cyclists in the past, and one thing I told them is to train differently than their competitors. Rather than soft pedal for recoveries, like their competitors, pedal at a medium intensity. Why? Because the way to really break cyclists is to repeatedly attack - off a steady pace. When you compete in cycling at the top levels you don't have the luxury of soft pedaling between bursts.
A similar strategy in running that I use for top runners is varied paced work intervals. I give them long reps with paces that vary within the rep. This won't work very well for unfit runners, however, since surges absolutely destroy them; and unfit runners become incapable of finishing workouts when they "blow up." I coached a fast 10,000m runner from Australia, back a few years ago (I think it was 2005). Anyway, Nic Bideau asked me to prescribe training for a runner he could not get to improve. One thing I prescribed was varied paces within reps, to get the runner used to top-flight competition. For example, I might give the guy 1200m reps, but vary the pace on each rep. Rep 1 might have a fast first 400, steady next 600, and a fast last 200. The next rep might have a fast 400m in the middle (of the 1200m). Being able to surge and then recover at a decent speed is a key to top level success. Watch the Ethiopians in the major championships and you'll see what I mean. During a 10,000m race they might throw in a 61 lap, then 64, then 62, then 64, to bust up the group. In just 4 laps they will run two hard laps (non-consecutive), and the change of speed destroys the field.
Regards,
Tinman