Help with a losing weight plan?

ive been looking for a good weight loss routine...i want to lose about 40-50 pounds...as of right now i usually work out 3-4 days a week, about an hour each day...becuz of school/work..but when i dont have that..i try to go work out about an hour a day...my routine is...10 min warmup on the elliptical....then i do 4 sets of about 10-15 reps of benching...and then about 4 sets of 20-30 reps of leg press on the machine...and then back onto the ellitical doing cardio workout of about 20-25 mins....and i've been watching what i eat lately..trying to eat healthy foods...i've seen some loss of weight...but want to lose more of my fat from my stomache and chest...basically i want to lose weight but tone up...should i lose the weight first? or should i do both at the same time...and what are best to lose stomach and chest fat...