I have started weight lifting again, I was doing it over the summer last year and I was doing 3 full body workouts a week. The down side was between that and doing at least SOME running 6 days a week all of my energy was sapped and I was falling asleep on the couch at 6PM. I eventually got sick of always being asleep or always in jeopardy of falling asleep, plus I wasn't getting the results I was hoping for after 7 weeks, so I stopped.

I am now in my third week of lifting. It's different this time because I'm doing arms/chest once a week and legs once a week. And I THOUGHT I was lifting heavy last time but it turns out I was not. This time I'm ACTUALLY lifting heavy. And using a barbell for some stuff as opposed to dumbbells and my friend's husband is training us.

I'm eating at a deficit so from what I understand I am basically fighting to keep what muscle mass I have at the moment. Are two days a week going to be effective enough? I can't really add a third because it's not my house I go to and I'm afraid of the free weight section in the gym =(

Here are my last two routines if it helps answer my question:

Dumbbell bench press (I should be able to bench the bar very shortly)
Seated dumbbell shoulder press
Standing dumbbell tricep extension
Dumbbell side lateral raises (I HATE YOU)
Dumbbell flyes
Dumbbell tricep kickbacks

Barbell squat
Barbell deadlift
Leg extensions
Lying leg curls
Standing barbell calf raises

Oh, and my friend's husband has a back workout planned for us but he won't let us do it until we're better at coordinating our schedules and start consistently making it to his house 2 times a week so we can do a rotation. I've only missed one workout but the girls I do it with have been doing it for awhile and their track record isn't so good with making sure they do two a week. It's been better since I joined.

If you are lifting heavy, it should be enough. Also, you'll want to change up the routine every few months to challenge your muscles differently.

I think your routine is good as you cover the main full body exercises squats, deadlifts and bench press. I prefer to separate squats and deadlifts and start my training with those exercises in my 3 day training routine but if that's where you are now you will be fine. I'm sure whenever you feel more confortable with the exercises you are doing it will be easier for you to go to the free weights section in the gym.