Walk/run to lose the amount of weight I want first THEN tone or do it all at the same time?
When you lose weight, you will be working on definition or as a lot of people call it "toning" which I don't agree with but a totally different convo. But here is the thing, to have muscle definition one must build muscle first. Like a slab of slate, a sculptor can chisel out a Greek god. Think of that slab of rock as your body. So to answer your question. I think you should work on strength and muscle building before you try any "toning"
I really doubt your issue is whether to do one or the other.
Start doing something, anything. As long as it leads to more. You don't have to worry about perfecting the process before you start.
Just start walking. Lose a little, see how you feel. 'toning' will come naturally as you progress into more activities.