Here's some things I do on the fit issues for spin class...
Yes, while "it's your ride", it's certainly not your bike!
Bars and seat even is a neutral starting point for set up. I ride with my bars higher up like a comfort bike. Actually, since there is no use for them in steering, I only need them for a light touch to balance my overall weight.
The saddles are definately not mine either. I bring my own triple gel pad cover, and still wear a padded chamois short. This helps cover up any things about the saddle I don't like, and makes it "ok" to deal with for 45mins to 1hr. If it starts hurting anything that day, I just stand more for relief (on 'my' ride).
The toe clips on the pedals are actually sized for a man's size 10/11 shoe. Thus, why I only rode 1 class in my life like that. I clip in. I also use multi-release spd cleats, vs single, which I thinks give my knees some float. This compensates for some other things I have adjusted permanently on the road bike set up. I'm getting myself some spin only shoes too with mixing up my pedals on my outside bikes now.
The computers on the bikes for calories are dialed to show what's burned by default for a 150# man. I use the rest of the stats, but know my own personal Polar set to my height/age/weight/sex etc. is my more acurate tool.
On anything that "hurts" I don't do those things on 'my ride'. OK, the single dial is suppose to be your hill. Your options are limited with that obviously. Outside I would not grind my knees, quads, etc. to the point of failure and non-recovery to make it through the rest of my ride. I would modify and use my gears. I would still work my legs to the point I know is reasonable, but my heart muscle can recover better on the ride, vs over fatigue of my quad muscles.
Any teacher that's worth anything should understand about modification. Meaning, I tell them I have some things I modify for... so it's not that I'm mis-understanding your queing... still with ya in spirit.
EDIT: Spin Bike Set Up & Balance...
One more thing about the bars. When standing outside, your bars of more importance to balance your weight. Inside, if done correctly, the bars not should be supporting your weight even when standing in hand position two or three. OK, this literally took me months of spinning to get this concept, and find my perfect center of gravity to do. One day, the teacher qued "pelvic tilt" while doing a standing drill. The light bulb went off for me. Just as outside we learn as kids how to perfectly position our weight over the bike to make it do what we want, the same is for inside. The slightest rotation of the pelvis over the pedals can make all the difference in the world between having the drill kill you, and making it a piece of cake. Just some food for thought.



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I then informed her of what a heart rate monitor is and that I wear one. She still said that they are inaccurate. So I ended the conversation with inviting her to go ahead and give spin a try and let me know how it goes. 
