I few years back I weighed in at almost 120kg at 1m78cm(266lbs), with virtually no muscle mass (spent a few years in the couch due to depression and other medical issues I'm kinda happen I never had my fat % measured at that point, would've been scary)... an 8KG KB would kick my arse, now I'm down to 104kg/230lbs with loads or more muscle (22% fat) (lost 10KG of only fat since july 2013), diet is most important to lose weight (and remains my nemesis), in my case it's not that I eat unhealthy, as I changed up my eating habbits completety, I have issue with portion control and late night eating
I did al of this with KB and bodyweight (mostly CC insprired), with the occasional cycle of barbell deadlifts....strenght training is awesome to lose wait, the muscle you pack on makes you burn more, and supports your weight better (no more back, hip, shoulder, neck, and kneepains), it increase your insuline resistance, is stenghtens your bones, joints and tendons etc...
I'd say just get going ,but do it smart, you goal should be not to risk injury as a relapse is right around the corner then, find a "diet" or rather "new way to eat for the rest of your life" to you can manage, but make sure not to take it to extremes (don't undercut your intake by more than 500cals a day to avoid jojo-madness)...you'll thank yourself in a few years, no more high BP, high cholesterol, constant pains and annoyances, you'll feel much better in general, will be less prone to injury...there really is no downside
former fatties are todays beefcakes
forgot: I also have a severe issue with testosteron (went as low as 146ng/l while 500-1200 is considered "normal"...managed to get it up to high 400's with strenght training and diet, still lowish, but I try to avoid having to take medicine after having to take WAY to much before starting to train, and I'm not really willing to be on TRT for the rest of my days....