As a beginner is about the only time you can lose fat and build muscle at the same time. So, my suggestions for getting started:
- Keep your diet in check. Nutrition helps you lose the weight while still getting enough energy to get your work done. 1g protein per pound of body weight. Stay light on the carbs, only post workout if you can do that.
- Pay attention to the program. It's 1x5 on deadlifts, taper your warmups (two of the most common mistakes I see on people following this program).
- Make your conditioning work for you, not against you.
In the beginning, the weight will feel light. Really light. During this time focus on form, in about a month's time you'll start to feel the weight getting heavy. You are building anaerobic strength, you don't want to do aerobic conditioning.
So, when you do your conditioning, do it after you lift and on the same day. Focus on high intensity intervals. It's better to use a crosstrainer, a rowing machine, or an elliptical machine because they get the upper and lower bodies involved. Go hard for a minute then go easy for a minute, and keep the cycle until you can't go any more or 20 minutes are up--whichever comes first. This is important: when you are having trouble doing the SL workout, you'll have to back off the conditioning. Also, rest on your rest days! You will only hurt yourself and start stalling sooner if you don't give your body time to rest and build the muscle you are asking it to do.
You will be hungry after the session. If you limit your carbs only to after you work out, you will be doing good. Protein will be more your friend while you are trying to lose weight and get stronger. Anything your body doesn't use to build stronger muscles will be used for energy later. It helps you feel full longer, and keeps you from overeating.