Its fine, tho Anthony Faulkes' Prose Edda is a more complete edition by including Háttatal.
Carolyne Larrington's translation of the Poetic Edda, the 2nd edition, is a solid translation with notes.
So the Prose Edda is also known as the 'Younger Edda'.
Though these two listings on Amazon UK/US only say Edda the reviews confirm that this is the Prose Edda.
As to what Edda means there's actually some uncertainty, Wikipedia discusses the theories on the word's meaning here in the Etymology section.
As to why the Prose Edda is named the Younger Edda I'm not too sure - I tried having a look at the Icelandic and Norwegian pages but they, just like the English page, only discuss the theories for the meaning of the word 'Edda'.
Yes, the Prose Edda translated by Anthony Faulkes and Volsunga Saga translated by Finch are the main supplemental primary readings I would recommend.
As to secondary sources, some good books are Turville-Petre's "Myth and Religion of the North" (super-expensive but a good library should have it), and anything by Margaret Clunies-Ross, Tom Dubois, or Rudy Simek.
Havamal is my favorite. It reminds me so much of the advice my grandfather gave me (and indeed part of my book is the Cowboy Havamal.
I think the translation of the Prose Edda by Anthony Faulkes is really good. So I don't think there's the same hole to fill there, since my issue with the other translations of the Poetic Edda was their readability and that's not a problem with Faulkes' Prose Edda.
IMO the best Prose Edda you can buy is also available for free here: http://vsnrweb-publications.org.uk/EDDArestr.pdf
It's the Faulkes translation from 1995. If you want to buy a hard copy, you can do that here: https://www.amazon.com/Edda-Everymans-Library-Snorri-Sturluson/dp/0460876163
This is the version I used in my Old Norse class. :)