I'm pretty new to DNN, and I'm trying to set up separate skins for edit / view modes. Can someone please point me in the right direction for how to do this? I'm a little lost. I'm searching, but I'm having a hard time finding an answer. Thanks!

In DNN 5  there is no admin skin its a edit skin and it shows up when you edit a module on regular page and in edit mode on admin pages as well.
A edit skin needs to have a Content pane that is big enough to show a module in edit mode.

There is no need to have two skin you can have the same skin if you like.

If you need an other skin for the admin pages you need to aply that skin for all admin pages.

In my opinion a good skin can be used both as edit and regular skin.

There is no admin skin. Its edit skin. With bad design you sometimes needs three skin.
One regular ,one edit and one for admin/host pages.