Well in my opinion, managing weight loss and muscle gain is optimal for neither... If I were to go about losing weight and gaining muscle, Id probably just do a stripping phase (to lose weight), and then go into a bulking phase (for maximal muscle growth).
That way at least all energy could concentrate on the most important of goals first, or bulk then strip, either way, its what most body builders do, because when they bulk they can eat as much as possible... to respond best to muscle growth, and when they strip the weight off, they do higher rep ranges to tone up, and eat more lean foods, to lose the added weight.
Also, I have heard of a study that said to lose weight, you lose 1/3 of the weight in muscle, Im not sure about the confidence of that, but it makes sense because to gain muscle, your body basically needs you to more than prove that the extra energy required to sustain the muscle will be catered for (ie by eating lots of protein), so when you try to lose weight, it will be doing the opposite encouragement for muscle growth.