With a single switch you could probably just enter two static routes, one with a better priority. This would create a scenario where traffic would go out the better priority connection, if the link went down, then traffic would go out the second route. This would not track any IP Addresses though, and the fail over would solely be based on the interface being up or down.
the use of one switch, means that the one switch is going to be your single point of failure. If you had a second switch, you could enable VRRP and utilize VRRP route tracking. You can read more about this feature on page 1297 of the user guide: http://dell.to/1WFiTWT