Hi Andy,
I'm 5'5, 159lbs. While I was 150lbs, my maxes were the following:
Squat 5RM - 230lbs
Deadlift 5RM - 320lbs
Bench 3RM - 207.5LBS
Press 5RM - 135lbs
Long story short, life got in the way and I couldn't find much time to exercise, and I wasn't eating the greatest, and thus gained some unwanted weight.
I'm currently running 5/3/1 (although I got to those maxes using the TM on the 3 day and then 4 day split.
Not sure what my true current maxes are... But I'm somewhere around
Squat 5RM - 195lbs
Deadlift 5RM (as of last night) - 275lbs (still have more in the tank to keep going)
Bench 5RM - 185lbs
Press 5RM - 125lbs
I haven't tested to see if I could go higher...
According to one of those Tanita bodyfat scales, it says I'm 20%. Then again, who really knows the accuracy of those scales.
Another caveat... I generally have about 50-60 minutes to workout due to many other commitments.
What would be your advice given my scenario? Try to drop some weight first? Or continue lifting. I lift generally just for good health and to just be stronger...
Thanks for your time,
~ Suspenders
Always continue to lift during weight loss phase. That's what maintains muscle mass and ensures you are dropping fat