What’s this “toning” thing you speak of? I don’t think I’ve ever used that word in reference to anything but music or art before.
Oh… I think I understand what you mean… You mean you want to gain muscle while losing fat. I presume.
So the answer is “yes.”
You should be utilizing both in order to lose weight and get healthy. Strength training/lifting (the words the big kids use) will improve overall muscle strength and density while cardio will improve the strength of your heart and lungs. Both will improve metabolism and mood.
There is no reason for this to ever be an “either/or” decision. This is one of the times where the answer is “and.”