Don't start speed work before you get some base milage in. As a matter of fact, most teams don't really start speed work until February. There are between 3-4 riders per team, and those team members must find a way to exchange the bike while it is in motion in order. One member will typically ride 8-12 laps and then come into the pit and exchange with a teammate. Consequently, you will need to practice them a lot, usually at the track once it is open.
Cycling requires a certain amount of aerobic capacity.
But Little 500 riders also must ride bikes in order to be able to ride in the race. Cycling requires specific adaptations in the muscles which other cardiovascular activities cannot match. The point here is that cross-training can be very beneficial, especially in the winter, but you can't train for the Little 500 by just going to aerobics classes 4 days a week. Also if you are interested someone from Riders Council or staff can help you or your team design a specific program matching your experience and needs. I'm too lazy.