I wonder how many of you guys giving advice have been runners for a long and consistent time?
Wrenny, your plan is good. The biggest mistake people make when they want to start a program of running is to try for too much too soon. It's not just about your cardio endurance, it's also about gradually allowing your knees and feet and shins and back to handle the rigors (especially if you're running on asphalt or concrete). If you try to run before you're in shape to do it, you're going to get too sore in a bunch of places and pack it in.
A lot of running groups advocate something like a minute of jogging and two or three minutes of walking for a 20 or 30 minute period, and very gradually shortening the time that you're walking, so it's weeks before you're running the whole thing. Even then, your pace is fairly slow and light.
Your form is also very important. Step lightly -- try to glide over the ground, not pound your feet. Arch your lower back slightly, so your chest is turned up a bit.
There are tons of guys on Sherdog and Rosstraining giving advice like, "Just run hard until you collapse, and then get up and do it again. Do that every day, and you'll be in shape in no time. Oh -- and carry dumbells while you do it", and I wonder how many of them are fat dudes who can't run around the block.
Coolrunning's
Couch to 5k program has proven effective for a lot of people. Maybe you can apply some of its principles to your own plan:
Cool Running :: The Couch-to-5K Running Plan