Skipping is a good form of exercise- but it has a few....issues.
It is high impact- make sure your properly equipt for this with shock absorbing type trainers (eg NOT converse or vans!) a decent high impact sports bra and plenty of water.
It can get dull so set yourself goals and programmes, 40 mins would be fantastic if you are able to do that I take my hat off to you, but if you don't manage it, don't feel you have failed- skipping for more then a few mins at a time is hard work and can get dull easily.
As exercise goes, skipping does well for heart exercise, leg and core stability, but don;t forget there are other forms of exercise where other muscles can be used. It is important to get a good varitety of exercise going, not just do one type, this will be better for your overall fitness and mean you are more equipt to deal with newer forms of exercise when they come along- also your body can get used to a form of exercise if you do the same thing over and over. Try to add in some variation.
What event are you doing? maybe we can come up with some new fitness ideas to add to the skipping.