Thanks for your reply Milan.
As far as ANT+ applications for the phone, you are correct in that there doesn't seem to be that many, but fortunately for me there are some for cycling. So I dont think its a frequency issue as I used to run an application that captured the signal from the sensors on my bike and turned them into speed, location, heart rate, cadence, etc. to display on my phone. Just guessing, but I would imagine all I need to do is have Tasker access the ANT+ service that is already on the phone as thats all the cycling apps do is just access the service that receives the signals from the sensors.
At any rate, I suspect I am venturing beyond what most people would typically do with Tasker as most of what I see relates to phone specific automation, which is fine, I dont mind doing the exploring and experimenting, I just really dont know where to start with regards getting the data to Tasker.