Sure I guess. It has less to do with the weight and more to do with your heart rate/metabolism. If you want to lift ligher weights to raise your heart rate, fine - of course you could also raise your heart rate with heavy weights too.
As far as which one will be better over the other for best possible weight loss... I dunno, maybe someone else can help you with that.
Also, I don't know much about your stats (age, weight, etc.) but I know for me I can't drop below 2000 cals a day.