GREAT questions Scott.
I am pretty sure what you are describing as cramping discomfort in your lower chest, is actually muscular fatigue of your diaphragm, which attaches to your spine in the back and along the lower rib orders around to the front. This is why if you try to make it go away by taking big slow breaths, it could actually get worse. The immediate treatment, would be to switch to using intercostal muscles and accessory muscles to unload the diaphragm, which will cause you to take smaller faster breaths, not deeper and slower ones. The long-term solution is more respiratory training, which COULD be done during high intensity exercise, or simply sitting on the couch with a Spiro-Tiger...yes, that's right, you have finally seen the benefit of joining the rest of the crew in doing the respiratory training we have talked so much about

Now to answer the question about the 2 x 2 hour sessions. There are a couple of reasons I suggested this for you specifically (which may not be as relevant for everyone reading this). First of all, you were just getting back into riding, and a 4 hour training session would likely have set you back, both mentally and physically, even if you tried to go slowly. But the next reason, was as you mentioned, as an opportunity to see how your body was responding to the stimulus at the time. So, in the first 2 hour session, you may actually feel pretty good, with no drop in performance. Great...take a break, have a nice lunch, rest, do some homework, or chores around the house to keep your family happy. The back out on the bike. You ride the same loop as when you first ride in the morning, and you see how your performance measures up. At the same intensity (using HR and respiratory effort as a guide) you are able to ride the same speed, then great, continue on for the duration of the training session. If your performance is already worse, you can see that the training session in the morning has already been exactly that..."training", and now is the time for recovery. Listen to your body, begin the recovery process immediately, and get up in the morning to try again. If still not recovered, then we can talk about a different kind of training that you may be able to do that does not continue to "train" those systems that have not recovered (like your diaphragm last week), instead focusing on another system which has not yet "failed". So, yes, you could still be able to ride your bike, but not the same way you did the day before during your 2 hour training session. Different focus to allow one system to recover, while still finding a way to challenge the recovered systems.
Do I have you confused yet?