I parented the feet to the pedals, but if I parent the hip to the saddle, I lose the IK restraint on the feet when I spin the pedal crank.  If I don't parent the hip, then when I spin the crank, I spin Judy's whole body along with it.  Any and all suggestions will be appreciated. DPH

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Are you counter-rotating the pedals? 

If you let the pedals rotate with the crank, they will carry Judy around with them.

By counter-rotating, I mean that each pedal should rotate -360 degrees
when the crank rotates +360 degrees.

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How can you parent the hip to the saddle? Ive checked and the set parent button in the parameters tab is not selectable even if I turned IK on or off.

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You can't (switching on/off IK will do nothing). But you can parent the Body.

I had the same problem, even when counter rotating the pedals.  Parent the feet to the pedals, move them as you want, then return the hip to the seat by hand.

Don't have that bicycle but I checked what I'm writing now so it works.

I used Jessi instead of bicycle (I'll call her here bicycle Jessi) - her feet worked as pedals and hip as saddle (sound weird? I know:). In the scene I put another jessi as well (New Jessi).
Now I parented left foot of New Jessi to left foot of Bicycle Jessi and right foot of New Jessi to right foot of Bicycle Jessi.
After this I selected Body of New Jessi and parented (from menu) to hip of Bicycle Jessi.
Last I applied walk to Bicycle Jessi and it worked - New Jessi followed Bicycle Jesi without any problems - feet to feet and most important hip to hip.

Attached Link: feet on zippo's bike pedals animation

Bumdog asked the same summer before last.  Technique using invisible parent props 'tween feet & pedals posted. with animated gif, at link above.

Just downloaded that bike. Put Jessi on it. Parented feet (IK on) to pedals and Body to saddle. In last frame rotated crank to 360, pedals to -360 and moved bicycle a little forward. No additional props used. All worked perfect.
VEERY nice bicycle btw.

Ockham (& Adom) are correct.  Works fine with feet parented to counter-rotating pedals.  

I'd originally parented feet to crank, saw problem, then added counter-rotating dummy parent props instead of just parenting feet to counter-rotating pedals. - dooh!