At that weight range, I'd spend some time eating around maintenance (or at a very slight deficit) and taking up heavy weight training. If you're new to strength training, or even just new to lifting heavy, you'll get the best results as far as putting on muscle, so you might as well make the most of it by feeding your body. Then you can diet down to lose the fat. You might even find that you end up simultaneously putting on muscle and losing fat, if you're lucky with the newbie gains.
Whatever you decide to do, it's essential to do strength training while dieting down; otherwise, you risk losing muscle during the process.
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