JMPO, but, I think that taking it one step at a time is important. It doesn't matter whether you exercise, then add caloric consumption or vice versa.
I am currently "dieting" and doing very little exercise (due to some health issues.) In the past, I have exercised my BUTT OFF & then dieted to some extent.
I've always maintained that "I cannot lose weight if I cannot exercise!" - which I've recently learned is NOT true. My body IS responding to the diet-only approach, just not as quickly as it has with the exercise.
My doctor told me that losing or maintaining weight is 80% diet/20% exercise. I'm not sure if I totally believe that. But I can say that I have noticed a difference in my body between dieting WITH exercise & dieting WITHOUT. I've currently hit the 18 pound loss mark. I have only gone down ONE clothing size. I feel very positive that if I were exercising 1.5 to 2 hours per day 4 days a week like I used to, I'd be nearly 3 clothing sizes down by now.
Or maybe I'm just dreaming.
But my point is that I think when most people first begin a weight loss program, if they 'gung-ho' on it, they'll burn out quick & give up.
Baby steps.... baby steps... baby steps.