Is the only way to sculpt my chest and loss chest fat is to do heavy sets of low reps and focus on outer and lower chest muscles?
First, chest fat. This is just fat. Lose fat, it goes from anywhere, spot checking can only be done via liposuction.
Sculpting a chest? Try just building one. Bench press is overrated, but weighted dips are great. That and some kind of fly- cables, dumbbells, whatever, ought to do it. Consider some kind of incline with the flys to build that upper part.
And that's about it. Don't get too chest-obsessed. Other muscles matter more, balance is key, and tightness will ruin your shoulders, among other things.