I’m also in Menlo Park and it’s a little to “suburbia-locked” for good runs straight from my door. Easy enough to ride over to Woodside/Portola Valley but I would love to be closer to or west of 280. Let me see if I can draw a circle around my ideal location. Mine is skewed worth for proximity to SF, but you may want to look at the southern end:
Circle is where I live, and anywhere in the box is where I want to live. Most of it is open space, but Woodside, Portola Valley, Los Altos Hills, Emerald Hills (in Redwood City) would all work.

That pretty much nails it. That whole red area and west of it toward the water = bike heaven, and run heaven. It gets really hilly once you’re at the western red line, awesome for climbs, and gets very sparse on traffic and population in the mountains.
Ironically, I live in that red box and I do 90% of my workouts on a treadmill and a Kickr and a Vasa trainer now =( (but it’s working!)
Rancho San Antonio is a large park with several excellent climb trails.
What gets me is people asking about good places to run…people…running is good literally EVERYWHERE in the world…you don’t need to waste time GOING somewhere to run…you can run right out your door unless there is freezing rain. I am in Santa Clara right now, and the hotel complex i am at, there has been more than once that I just chose to do loops around the parking lot, which measures out to 500m, so it works out to be a convenient track for intervals…I see this as not that much different than running one a bike path along a canal. I’ll often end the run with 15-20 min of hotel treadmill hills if there are no hills nearby. Personally I find running in a lot of places around the world far superior to many places in the Bay area from a convenience angle…I just can’t waste time going somewhere to run…at home I often use running to actually get myself somewhere! I was going to say the biking is awesome anywhere that you can set up a computrainer, but I am certainly partial to the various climbs out of Palo Alto up to Skyline.
But I think from a time effectiveness angle, you have a good plan using your indoor tools, and you could certainly have the same tools set up in Anchorage or Fargo or Duluth.
I do find the traffic riding around in certain parts of the Bay area not that fun, but on the balance you guys have decent bike lanes here and I am actually shocked at how few people use them. There are more people using the bike lanes back home in Canada with snow banks on the sides than the people using bike lanes here…I don’t get it. Bike commuting is quite popular back home, but perhaps not as popular/viable here (although I don’t see why not).
Having said all that, if you are a techie the Bay area is the best place on earth to live if professionally you want to get to being the best you can be and accomplishing the most…the technical, financial (VC, angel), collaborative, communication, culture and informal connection related infrastructure are better here than anywhere on earth. I choose to live where I do and take the professional penalty, because the lifestyle I have access to and cost of living is ultra low relatively speaking. It then allows me to work for hobby/pleasure rather than having to work because I am a company wage slave. I feel I am much more effective in my professional life being decoupled from my paycheque as a result of being able to get financially further ahead in a low cost of living place…it does mean that I have to haul myself across continent to the Bay area way too often so maybe a time will come that I should be here anyway. It really is the center of the Roman Empire for technology…everything else is far flung colonies to be used to make money and innovation off of, but the big stuff all goes on here.