Iliotibial band syndrome

The doctor's surgery that I visit has a very high turnover of doctors. In fact, I don't think I've ever seen the same doctor twice! (I don't go very often).
Yesterday the doctor who was seeing me also happened to be doing her Masters degree in Sports medicine and so I ended up getting some of the best treatment I have ever received about my knee pain.
After doing a few exercise with me, she explained that she thinks I have mild Iliotibial band syndrome as well as a tight hip flexor in my right leg. She has given me some strength training advice and also asked me to change my running routine for the next month - fast running for no longer than ten minutes.
Now, I'm a little nervous about this. I run between twenty and forty minutes about twice a week. It is my main source of cardio and now I need to reduce it quite drastically. Granted, it is only for a month, but how will it effect my weight loss?
In a way it's good because I can begin some serious focus on strength training and will now need to look into some other forms of cardio exercise (Not to mention stretching out that hip flexor) but it's quite a change from what I'm used to doing.
That, and no races for a while. Another main motivator to get me on the road.
Oh well - there is a greater vision here than just losing weight in four months. There is my health for the rest of my life. So, October may become a month of patience for me when it comes to cardio exercise - fewer minutes, but much more intense minutes.