Here's what I do, and it works like a charm:
1. I create "Dynamic Cycler" for a key.
2. Go to the spell menu, hold the selected key, and press on all the spells you want bound to the key, in correct order - without ever letting the key go.
3. Play

I have a setup where I have several different conjured creatures bound to "3", different range attack spells bound to "4" and different close combat attack spells bound to "5", etc.
I am pretty sure the above works for normal cycler as well, but I always use dynamic cycler instead. It is better (IMHO), because if none of the spells/items belonging to a ket is currently selected, pressing the key will always select the first in the cycle. A normal cycler remembers the one that was selected last (even if it is not currently selected), and selects the next when you press the key.