Cool. This is what I did, and it worked well for me (dropped three holes on the weight belt and got stronger at the same time):
First determine your maintenance calories. I think this has to be done experimentally so that you have a baseline to adjust from (otherwise you're just guessing). I used My Fitness Pal (MFP) for Android to log meals and daily weigh-ins for two weeks. I maintained weight over this period, so I knew that I was eating at around maintenance (for me this was 2500 calories - but I was logging about 200-300 calories of exercise daily in MFP, so my actual caloric intake was slightly higher).
Next, determine your target caloric deficit. I chose a 20% deficit because studies show superior body composition effects (fat loss and lean mass gains) to a 30% deficit (REF 1), so at this point I subtracted 500 calories from maintenance levels and arrived at a 2000 calorie a day target. Optimal re-composition effects seem to happen between 1.6 to 2.4g of protein per kg of bodyweight (REF 2). I split the difference and chose to use 2g/kg, yielding around 200g. Apply a minimum of 50g fat (REF 1), then subtract calories from protein (4*200) and fat (50*9) from your overall calorie target, and you're left with 750 calories, or around 190g of carbs per day.
Now implement the above macros, monitor, and adjust. MFP doesn't allow you to set daily macro goals unless you pay for the premium version. However, you can set your calorie goal, then adjust the percentage of your calories that you want to go toward specific macros, within 5% bands. It's easy to get this close enough to work. The nutrition menu in the diary section then displays your macro percentage goals and your current macros for the day. I adjusted my eating habits and tracked for another two weeks. At this point I was losing less then a pound a week, so I took out another 250 calories of carbs. Weight loss sped up, but I could feel a big difference in energy level and hunger at 1750 cals a day. I decided to try tweaking my fat/carb ratio, so I dropped 40g of carbs and added 20g of fat. This did the trick and I dropped three pounds in one week. So at this point I started adding 100 cals a week of carbs back until I got back to 2000 calories total. I then settled at 200g protein, 70g fat, and 140g of carbs. I kept these macros for the rest of the cut and maintained a pace of around 1.5 pounds lost per week. If I had this part to do over again I would have tweaked the fat/carb ratio before dropping the additional 250 calories.
Finally, add calories back in until you hit your new maintenance level. I can't remember where I read this method (I think from one of Layne Norton's videos on reverse dieting), but I began adding back in 100 calories of carbs per week and continued tracking. I got back up to 2200 calories per day, while still dropping about a pound a week, but unfortunately I had my knee surgery at this point and dropped to almost no physical activity for a month. The weight loss stopped and 2200 became my new maintenance level. I've been maintaining for about four months now, but still recomping a bit as I just went down another notch on my lifting belt and hitting PRs again.
These two articles are an absolute goldmine of information:
REF 1:
Protein Requirements of Dieting Strength Athletes
REF 2:
Evidence From the Metabolic Ward