Well, the skin area near my triceps was that way even before I started losing weight, it's just fatty, like granpa arms, which is sad for a 26 years old.
At the moment, I don't think any part of my body is flabby skinned, it's all still a good size layer of fat over everything so I think my timing's good to do what you're saying, which was my plan, i didn't want to lose and then tighten, after seeing how that guy who won the first Survivor turned out, i knew I had to work at it while losing the weight.
One thing I'm noticing, either because of my diet change or the fat burn, my skin is actually feeling smoother and healthier than it used to.