1. I'd say running a full marathon is too much, all that happens it that you get cheesed off with yourself for not sticking it out. I'd got for a 5 mile run or so and then increase them steadily, until you are in shape for a full marathon. Never forget: Finishing is what counts, not the time you do it in.
2. How long it will take you to get into shape depends on where you start out and how much you put in. If you don't run at all now, I'd run for a minute, walk for two, run for one, walk for two, and steadily increase the running and reduce the walking. Also, extend the distance. Also find out, when it's easiest for you to run, early in the mornings, afternoons, or evenings. I find running early in the morning best but my partner runs in the evenings.
A good site is:
http://www.marathontraining.com/marathon.html copy
Wish you best of luck!
And - you won't be able to lose weight off a particular body-part. Whatever anybody tells you, it's simply not possible. What you can do, is increase overall muscle-mass, to boost your metabolism and thus reduce fat. Eat protein, don't train every day (you'll only increase muscle mass when your muscles have time to grow which is only during periods of rest), take it easy but work constantly. Alter your routine and do something "non-runny", ie Pilates, weight-training, badminton, tennis, swimming.
Best of luck!