Weighing yourself daily is fine, it helps you see trends - hopefully downward. A good weight to track for sure is one taken the morning of your tension workout. You're fully depleted (hopefully) and is probably the best single guage of fat loss. Skinfolds would also be taken at this time for...
If you decide to supplement w/ protein, use whey (for the most part). Muscle Milk has too much fat. Cheap whey is available everywhere.
If you want more of a meal replacement protein, use a casein-based protein. It digests more slowly. You could add fats and/or carbs to this, if you wish...
This may have already been mentioned, but you may be losing fat from many different fat stores, but little from the area you're checking. As suggested, use a 3-site w/ decent calipers.
For a beginning lifter, I would stay away from heavy, low-rep training for a while.
I would advise along the lines of HST, however staying in the 10-15 rep range for a 2-3 months to learn proper technique & acclimate the body. You will notice strength & size increases during this...