Lactate threshold is usually defined within peer reviewed research as 1 mmol increase in lactate over baseline level. It’s also measured invasively, by taking blood samples and a corresponding power output (bike) or velocity (run) is recorded. LT is never a measure of HR.
However, that being said, the athlete and sometimes coach (:-() definition of LT is the maximum amount of work that can be achieved in 1-hr or the average power output or average speed (running). For most athletes, this will be about 20% above your true LT work level.
The Conconi method has been refuted in peer reviewed scientific journals, because such a deflection point exists in very few athletes. There’s also considerable difficulty in accurately assessing the deflection point when it does exist – as researchers don’t identify the same point in each person. see http://www.ncbi.nlm.nih.gov/entrez/query.fcgi?cmd=Retrieve&db=PubMed&list_uids=9293415&dopt=Abstract and http://www.ncbi.nlm.nih.gov/entrez/query.fcgi?cmd=Retrieve&db=PubMed&list_uids=8776209&dopt=Abstract as examples.
Using an incremental test to exhaustion is fine to estimate approximately where your TT power output might be, simply because, everyone TTs at around the same percentage of maximum aerobic power irrespective of fitness. However, this will give you a wide(ish) range, see, http://www.cyclingnews.com/fitness/?id=powerstern
However, if you want to know what your power is for a ~1hr TT, then the best thing is to undertake a 1hr TT!!
I would steer clear of using a Cateye to base too many results on, because they’re not reliable enough – the power displayed alters over time, as the units wear out, and there’s no way you can compare one cateye to another as they all give different readings. They are a nice feeling trainer though.
It’s also vitally important to realise that your result from an incremental test to exhaustion is very much protocol dependent. Using a 15 W/min ramp rate, will give a totally different answer to using a 25 W/min ramp rate.
As a last resort HR avg from a 1-hr TT is reasonable, but, HR does vary for many reasons (e.g., too much caffiene, anxiety of competition, temperature, hydration status, etc), which is why for cycling a more solid measure, i.e., power is far better.
Ric