Can you? Maybe. The only way to find out would be to try. It would be a rather expensive experiment IMO, but you probably could find a way to do it successfully, if you really wanted to.
If you think you can "lose the same weight by eating like [you] should be and exercising," then do that. You can lose the same weight with less drastic measures, but not at the same speed, so you will have to accept slower progress.
Losing quickly through a ketogenic diet is a very different experience than more moderate methods. The pros and cons are different, so you need to determine what type(s) of dieting work best for you, and no one can tell you that. You have to learn it on your own, through experimentation.
If you like the idea of meal replacements, you might consider buying or borrowing the book, The Simple Diet, by James Anderson and Nancy Gustafson. It is modeled after HMR, a hospital based meal replacement plan. The plan is not ketogenic, but uses grocery store products, so it's quite affordable. The basic plan, in a nutshell, is 3 shakes (100-200 calories each), 2 frozen or shelf-stable dinners (140-300 calories each) and 5 or more servings fruits and veggies.
If you want a ketogenic diet, Atkins, or something like it, may be the way to go. If you aren't going to be under a doctor's supervision, you have to be very careful on ketogenic diets that are very low-carb and very low fat. Eat plenty of veggies and/or include a fair bit of healthy fats.
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