Regarding problems with GPS elevation – handheld GPS elevation accuracy is notoriously inaccurate. The best way I know of to counter this is to upload your HRM and GPS tracks into a free bit of software called Sporttracks. There is an elevation correction plugin you can download which extracts the elevation from the SRTM DEM and uses that instead. You can also use other DEMs I believe though I've never bothered. It's also the best training analysis software I've come across, worth a go.
Being a cheap skate I run with an etrex gps I already have, and a cheap HRM from decathlon – using a little data logger that picks up the hrm belt signal from oregon scientific off wiggle (code is WM100 I think). You can combine the separate datasets easily in sporttracks.