To reply to your question, Ed, the general consensus is that you either bulk (gain weight) or you cut (lose weight). In my experience this has been the case. I tend to cut then bulk up to the weight I want, then reduce my bodyfat to where it should be then repeat. It's a fairly standard practice.
Some bodybuilders will tell you that if you want to build muscle you should limit yourself to 1.5 hours of aerobic exercise a week. Something you might want to keep in mind. Personally there's no way I'd ever do that, as I'm a martial artist (muay thai) and a generally active person who enjoys a lot of sports. In my experience if you work the muscles hard and eat enough calories to support growth, you will gain mass. Walking the line, trying to lose bodyfat and gain lean muscle mass at the same time, tends to draw things out and make both desires more difficult to achieve. I recommend getting to your bodyfat target and then using the method of bulking and cutting to achieve the muscle mass. A calorie deficit and aerobic exercise will not make you lose significant amounts of muscle in my experience, and even if it should gaining back the muscle after losing the fat will still be more efficient than doing both at once.
Just so you know, Nobody, I'm well aware that most people use the term cardio in place of where I'm using aerobic(s). The word cardio has never really meant anything to me. Aerobic exercise is more descriptive to me, as it implies the use of the oxidative energy system in a rhythmic exercise with the focus of elevating oxygen use beyond normal levels. Cardiovascular exercise on the other hand can be applied to the act of sitting still and doing absolutely nothing. I'm not saying this justifies my confusing misuse of the term, only that it's not out of ignorance.
