The best thing to do is find an eating plan that is sustainable, enjoyable, fits your lifestyle, and results in steady FAT loss over time. Anything else is pretty much pointless, you are not going to be able to, or want to stick with that for any length of time, nor are you supposed to.
Exercise is crap for weight loss, the amount you need to do to lose a pound is horrible, but it is good to add in for the health benefits and little extra fat burning once your diet is in check.
I would prioritise it this way
Diet > Non Exercise Activity (walking etc) > Structured Exercise
Knowing your calorie intake, knowing the protein fat and carb make up for those calories, creating a modest deficit, walking plenty and exercising 3 times per week for no more than 45 mins to an hour will give you all the fat loss you need. Exercise is great, but optional for fat loss.
This may seem contrary to what you have heard, read, conventional wisdom, but I assure you it is true.