I'm trying to do something similar.
I want to use a static page as my 'landing page'.
I reconfigured in the admin. Created a page called Frontpage and a page called Blog. When I visit the main domain sure enough the Frontpage is the page shown. The problem (small problem I have) is I still have Home, Blog and FrontPage being displayed on the Navigation Menu and Home always being the first displayed. If I edit FrontPage then these show for the FrontPage and Home.
I guess I'd just like to have the page I edit - i.e. Frontpage always to be referred to as Home and not appearing a second time as FrontPage. If I change the status to Private then it does remove FrontPage from the menu then sticks the word Private when the Home Page is displayed!