This is a recipe alright. The calorie deficit you are creating combined with over working individual muscle groups will get you somewhere that's for sure. It's likely to be somewhere you don't really want to end up. Lean muscle mass burns more calories at rest than does fat so your objective is a good one. Your proposed method however will leave you burning muscle more quickly than fat since your calorie deficit will leave your body no choice but to turn to it's most ready source of energy to fill that need.
Here's an idea:
1) Eat 5 to 6 six times a day and in each meal include a portion of high quality (i.e. low fat) protien, a portion of good for you complex carbohydrates (whole grains, vegetables, brown rice, etc). Eliminate all crap from your diet (Beer, soda, cheeseburgers, fries ... all GONE). Each portion should be no larger than your fist. Spread these meals out to every 2 to 3 hours.
2) Alternate your training between days of cardio and resistance training (weights)
- on alternate weeks split your workout to allow your target areas to recover so for example:
= Monday and Friday - Upper body resistance
= Wednesday - Lower body resistance
= Tues, Thurs, & Sat - Cardio -- first thing in the morning is good; do this on an empty stomach and wait approximately 1hr after training to eat.
3) Drink lots of water. If you think you drink enough you are wrong. 9 to 10 glasses of water a day. Get used to pissing a lot.
4) Get a good night's sleep. 8hrs. This recovery period is essential for your body to repair the damage you have done to it while training.
5) Make a plan and follow it. Record your daily results. Review areas where you "missed". If you fail to plan you are planning to fail.
10 to 12 weeks later you will enjoy a brand new you that is leaner and more energetic than you've ever been.
For a good deal of information about this approach check this out:
Body For Life