Well, congratulations are definitely in order for making a change - it's always hard to take a first step. I'd keep those potato sacks around for a bit for motivation, and definitely hold off on purchasing until you're happy with your body. Shirts can always be tailored, cheap pants can always be found. There's no reason not to take advantage of that stuff while you're dropping weight.
Speaking of weight, lifting weights is really going to help you out - and you don't need to do much. This page is posted around here a lot as a general starter guide, and if you hang out in the health + body subforum there are a lot of other users who will be able to give you good advice: http://forum.bodybuilding.com/showthread.php?p=401681611#post401681611
In my experience, clothing really can't cover you up if you feel uncomfortable in your own body. You seem to be confident and happy with what you've accomplished so far, which is a very good thing - but the feeling of taking your clothes off, looking at yourself, and thinking "ugh" is definitely a bad one (I'm not saying you should feel this way now, just that it's something you can overcome). This is pretty much a tangent now, but get the body you want, whatever it may be - rugby player, footy player, linebacker, whatever - and then buy clothes that fit it. And just so you don't get worried before you start, this forum is really geared much more towards fit guys wearing slim clothing than rail-thin models wearing runway gear. We have both, but you'll definitely have plenty of resources if you're the former.
On par with reality.
Every noob should read this. Wish I would of a year ago.