+1 to the walking.
You gotta walk before you can run.
I used to be an athlete and a very fit soldier. Years of gaining weight put that into remission. When I got into losing the weight I had to start at a pace I could handle for at least 30 minutes.
I would suggest picking a speed you can do for 30 minutes. Go with that for awhile at least 5x a week. You will know when you can bump it up. Remember, there is no shame in someone who walks on a treadmill.
After you start getting into better shape you can do some High Intensity Interval Training (HIIT). Warm-up for 5 minutes at a brisk walk, then run for 1 minute, walk for 2, run for 1, walk for 2, and so on for 30 minutes. Use the last 5 minutes to warm down.
Once I started HIIT I saw the losses dramatically increase. At first I would run at level 6 for a minute. After 6 weeks I run at level 9 for 2 minutes.
Another thing I found to really work well I changing-up your treadmill routine. After warm-up I sometimes will run at a good pace for 5+ minutes and then start the 1 min run, 2 min walk. Other times I will shorten the walk to just 90 seconds. I like this approach because the workout does not get stale and boring. Plus, I like to "trick" my body. The weight loss has been fantastic.
I too was developing man boobs. After months of eating right and exercising like a freak they are gone and I have my pecs back. I am down 39 pounds and I feel great!
As for eating, this site is such a valuable tool for you. I love to read what real people are doing as opposed to reading something by an author.
What I suggest is a mix of cardio and weight training. I do cardio one day, lift the next. I go 6 days in a row altering these then have a rest day. I eat approx. 1800 calories a day and consume 1 g. of protein for every pound I weigh. I also never eat after 7 pm except sugar free jello.
I will tell ya, it has been hard at times. But the more I lose the more determined I am and I do not have cravings to eat garbage. I can go to a social event not eat pizza, burgers, etc. I bring a banana and a protein shake with me.
Good luck brother!