Do it! You'll be fine if you are careful and don't rush the pace or distance. I highly recommend starting with the Couch-to-5k plan. You could probably even skip the first 2-3 weeks, since your fitness is already good (I did this, too).

Running and biking are really nice complements of one-another. I have sort of come to the realization that Winter and Spring should be my more running-intensive seasons (biking maybe 50-75 miles/week on the indoor trainer), then Summer and Fall will be mostly about biking, with just enough running thrown-in to maintain some degree of running-specific fitness (15-20 miles/week).