First, I would look at your diet. No matter what you take or do, diet is going to be the biggest limiting factor. Eating like a bodybuilder will allow you to gain muscle and lose fat. The more muscle you have, the easier it'll be to burn fat. Next, because of your age, I would hae your blood work done. See where your natural test levels are. As we age, test declines. If your test is lower, you will have a hard time reaching your goals. Plus, if you want to go on cycle, you'll want to know where your natural levels are, so that you know what to expect "recovered" means when you come off later. If you do qualify for HRT, that is a life long commitment, but you will improve your overall quality of life. Look into the pro's and cons. 

If you want to run a cycle, you will do well with test e between 250-500mg EW for 10-12 wks, along with some adex to control estrogen. At your age, you would probably get much benefit from using a replacement dose of GH. Growth, taken long term, will help to rid your body of fat, as well as improve muscle, tighten your skin, improve your hair...the list goes on. As long as you do not have a histroy of cancer, GH as HRT is a great supp for guys over 35. GH will speed cancer growth, but it will not create cancer. 

If you find that TRT is the best option for you, and you still want to cycle, after the cycle is over, go back to your TRT dose. Otherwise, do a good PCT starting 2 wks after last shot.