LOL! Yes, I've always used my elbow for checking bath water temp. It's by far the most reliable.
If baby is going to be sleeping in the same room as you to start with, you probably won't need a monitor - unless you're likely to be quite a distance from them in the evenings (and they're sleeping, which they possibly won't be!). We were in a 2-bed house and could easily hear our LO from the living room downstairs. I only use the monitor when I'm out of earshot, which even in our new house isn't until I get into the garden.