Yep. Sounds right to me. IMO, the lowest you should go is 10 times your B.W. As you start to lose weight you'll have to lessen your calorie intake, but im sure you know that.

Cardio in your target heart rate zone(Jogging/Running) will burn more calories, but also some muscle. Cardio at 50-65% of your maximum heart rate for 30-45 mins will burn fat and lessen the amount of muscle destuction. Personally, I want to keep all the muscle I can. Running for long periods sucks anyway.
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~If your not going to give 110% at the gym then why bother going at all~