Yesterday I got my new trainer in the mail (Travel Trac Millennium V Fluid Plus). After putting it together I did a total of 10 miles broken up with breaks every couple of minutes to make adjustments to different things, front tire level, air pressure, seeing how each gear would work with the different resistance settings. All and all not a very productive workout as I didn't keep my HR up at all (long story short; I was playing with a new toy).

Today I went at it seriously. My question is this; considering my HRM is right, is this hour long exercise period ok:
I'm 6' 343lbs
During riding I maintained a HR of 70-80%
Over the hour my HRM said I burned 1097 calories - Could this be correct?
I'm running in the top gear on my MTB with the trainer set at level 2 and have a speed average of 14.5mph
(m = minutes)
1-15m - steady riding 15m
15-16m - walking slowly/stretching (need a better saddle have to give my butt a break)
16-31m - steady riding 15m
31-32m - walking slowly/stretching
32-47m - steady riding 15m
47-60m - cool down walk, drinking water and slowly bringing HR down.

If this is not good please point me in a better direction. What would you do with an hour to train? My main goal is fat loss and muscle toning. I'm just getting back in to riding as of the first of the year so I have a ways to go but I have the will power to stick with it.