Man, even a 30kg Vinyl weight set would have you on your bike. You are not, I am afraid to say, going to get anywhere with 8lb weights, as anything abve 20(at a stretch) reps is an endurance exercise and won't do much to stimulate hypertrophy.
In the meantime, my advice for you is to do some pullups, chinups, pistols, handstand pressups and that sort of thing.
Why exactly are you trying to watch your cholestrol? Are you above the age of 35?