Hi,
I am not sure if that ticket included a luxery train-ride, but a few years ago the evening-train from Olyantantambo was 12 U$. You can park your bike at a farm next to the railway-station there.
You can walk the track from Olyantantambo to Aquas Calliete (where you stay to visit Muchu Pichu) but it is a 6 hour walk
You can take the day-train which is just as expensive as a helicopter (which is option 3 by the way)
You can ride your bike to the Santa teresa hydro-plant and walk from there (a lot less then the 6 hours (maybe 1 hour).
Or if you are very very adventurous you go from Santa teresa hydro powerstation and take the old "escape route" but you have to cross a (non existing) drawbridge.
I just showed up at the Machu pichu entry-gate and got myself a 10 U$ ticket (with a fake-student-card).. but usually they like to see a passport to.
I never heard of having to make reservations.
When you go by train from Olyantantambo, get a return-ticket. It's hard to get a return-ticket in Aqua-calliaente since you can NOT reserve there and the Inca-trail-people flood the train.
The Inca-trail required a three week advance reservation and is (in my humble opinion) very over-rated. (due to 300 to 500 walkers per day!). If you are into Jungle-treks to hidden cities try "Ciudad perdida" in Colombia (Siera nevada). A 6 day hike where there is only 10 people per day alowed and only one porter per group. It is a hard walk, but a GOOD one.
Well... hopes this helps a bit,
Maarten