Will i lose much fat and tone up!!by...doing this?

You will probably slim down by all of the running you'll be doing. Just keep up the cardio and the fat will melt away. Definitely do weights and sit ups to help tighten up the muscles and make them grow. I do lots of cardio during firefighting and i lost a lot of fat I had on me, and everyday i do sit ups and pushups to tone up whats left over. I also work in days where I lift weights to keep my size up. Sounds like you have a good diet that will help trim up the areas that normally store fat and a good plan of how you're going to work out. Try that routine for a little bit and see how it works, and switch up new things in the routine so your muscles don't get used to the same workout.