Given the energy and angular momentum equations
$$E = \frac{1}{2}m(\dot{r}^2 +r^2\dot{\theta}^2) + U(r) \tag 1$$
$$\dot{\theta}= \frac{L}{mr^2} \tag 2$$
We eliminate ##\dot \theta## (by plugging ##(2)## into ##(1)##) to get
$$E = \frac 1 2 m \dot{r}^2 + \frac{L^2}{2 r^2 m} + U(r)= \frac 1 2 m \dot{r}^2 + U_{\text{eff}}(r) \tag 3$$
As etotheipi explained.
##(3)## is sometimes called the radial motion equation, which given initial conditions, leads to determine the change in the polar coordinate ##r## with respect to time. The change of the polar coordinate ##\theta## with respect to time is determined by ##(2)##.
In practise one does not seek to solve ##(3)## analytically (I encourage you to try to get ##r(t)## given the attractive inverse squared field ##\vec F = \frac{-k}{r^2} \hat r## and see what happens

). Instead we try to simplify the problem and only get an equation that describes the path taken by the particle (which means that we do not seek to know where the particle is on the its path at a particular time but only to get an equation describing its path). Let's show explicitly how.
We start off by noticing that any particle moving under a central force field does so in a plane. This fact suggests we should use a 2D coordinate system: polar coordinates. Next we use Newton's equations in polar coordinates (it is indeed a good exercise to show it; you only need to use the formulas you provided in #1)
$$m \ddot r - mr \dot \theta^2 = F(r) \tag{4.1}$$
$$mr \ddot \theta +2m \dot r \dot \theta \tag{4.2} = 0$$
What we want is to get rid of the polar-coordinate derivatives with respect to time ( i.e. ##\ddot r## and ##\dot \theta##) in Newton's equations in order to get these in terms of a new coordinate whose derivatives are not going to be with respect to time. It turns out that there's a beautiful change of variables which makes this possible (I'd say it was
Bernoulli's trick)
$$u:= \frac{1}{r} \tag 5$$
Next we get ##\dot r## in terms of the new coordinate
$$\dot r = \frac{d}{dt} \Big( \frac{1}{u} \Big) = \frac{-1}{u^2}\frac{du}{dt} = \frac{-1}{u^2}\frac{du}{d\theta} \dot \theta = \frac{-L}{m} \frac{du}{d \theta} \tag 6$$
Where I've used the
chain rule and the angular momentum equation in terms of the new coordinate.
To get ##\ddot r## we simply differentiate ##(6)## to get
$$\ddot r = \frac{-L}{m} \frac{d}{dt} \Big( \frac{du}{d \theta} \Big) = \frac{-L}{m} \frac{d}{d \theta} \Big( \frac{du}{dt} \Big) = \frac{-L}{m} \frac{d}{d \theta} \Big( \frac{du}{d\theta} \dot \theta \Big) = -\Big(\frac{Lu}{m} \Big)^2 \frac{d^2 u}{d \theta^2} \tag7$$
Thus, having ##r \dot \theta^2 = \frac{L^2 u^3}{m^2}##, ##(4.1)## becomes
$$-\Big(\frac{Lu}{m} \Big)^2 \frac{d^2 u}{d \theta^2} - \frac{L^2 u^3}{m} = F(1/u) $$
Rearranging a bit we get
$$\frac{d^2 u}{d \theta^2} +mu = -m^2 \frac{F(1/u)}{L^2 u^2} \tag 8$$
##(8)## is known as the path equation.
Source: you can find all I wrote and more in chapter 7 of Gregory's Classical Mechanics book.