Hey Lighty,
I've been learning the tools of the trade since just after New Year and like you I'm time poor - I'm lucky to get a couple hours every 2-3 days. In that time I've followed the tutorial linked above as well as reading Bushlurkers Beginners Guide & ZeroG's Tutorial. Not to mention reading the wealth of info in this forum - I'd say any terrain related question I've had that wasn't in the above tutorials I've found someone else has already asked and there's an answer in the forum.
In addition to learning the BI Tools, I've spent a bit of time learning how to use L3DT (freaking awesome program, I bought the pro version even though I probably don't need it because it's just that good and the price is very affordable) and also time obtaining and using real world DEMs.
Now, 3 months down the road, I've got a few different heightmaps in game from either DEM or L3DT generated terrains and have a bit of a workflow sorted. When you get a 20x20 map in game and realise you need to populate it with objects the advice of all the experienced dudes rings in your ears "Start with something small, 10x10km max!"
At this point, I'm happy with the tools and have started sculpting my height map in L3DT (I chose this over using real world locations because I can get away with anything + the underwater terrain ends up looking natural which is great given there's diving in Arma3).
So time poor me has spent 3 months learning BI tools, 3rd party software and the options a terrain maker has to get a height map with an auto generated Sat Map from L3DT or a placeholder one made in Photoshop in to Visitor 3 then binarized and into Arma 2. A long way for me to go still but it's been very enjoyable. Hopefully one day, I'll even finish my main project.