I know the longer you wait to do it, the harder it will be. Both of my sons were over 3 before we started. Their main thing was when they started doing #2 in the potty because they didn't want to be stinky. If you can tell when your son is about to go, then you can put him on at that time to get him used to being clean this way. Everyone will give you advice, but ultimately, you will have to do what is best for you.
My son is 3 1/2 and we're still working on it. We pushed really hard b/c he could not start school if he was not. It would not have been the way I wanted to go, but I wanted him in school. He has "drips" and accidents almost every day at some point, but he has the main idea and mostly does a great job. My other son we pushed too for months, but then I just said, he will do it when he wants. Probably after a month of letting him know what we wanted , but letting him do what he wanted, he just woke up one morning and was potty trained. No kidding - never had an accident day or night. Every child has different personality and growth spurts (which affects bladder control), so what works for one may not for another.
The stress for you is consistancy! With a new baby, this may not be the time to dedicate. You need to be constantly reminding them to go and taking them. A friend said she constantly filled her son with fluids and then took him to the potty every 30 minutes. It may help to leave him with just underwear or naked when you start getting the gist of it. Mainly, he has to want to do it. You can have rewards for going and lots of praise. You may have to try everything. The big thing though is no more diapers - and no pull-ups if you can prevent it. For my sons, the pull ups felt like a diaper and they would soil them like one. when they went to the store to pick out big boy underwear, they did not want to soil it. I know a lot of friends who made the changing point at the third birthday - 3 is a big boy and we say bye-bye to baby diapers and hello to big boy underwear - let's say bye-bye together - give your son the control.
Try the peeing on the Cheerio target in the potty game too - this works for a lot of boys. We also went and bought a cheap timer and we set it for every 1/2 hour and told my son that when it went off it was potty time and we would race to the potty. He liked this idea and it worked well.
I know this may not help, but truely, there is no right way for everyone. Good luck.