Cycling q: Balms, etc

Good people of Slowtwitch:
As a runner posing as a duathlete, what is the scoop on the balms for leg protection? Does this stuff work?
I live in Fort Collins, CO and riding in the mountains and foothills offers a nice variety of temperatures. As such, my concern is that I may overheat. Are leg warmers (full on Flashdance, BTW) a better option or do the balms “breathe” to some degree?

Thanks in advance.

Waiter: “More cod pieces, sir?”
Tibbs: “Oui.”