First - pick a goal. Lose 10lbs or add size?
Second - BW exercises are a great way to shed extra weight. I have done it using 531 but you will certainly want to lower your TM being in a caloric deficit. Plus using a lower TM allows the last set to be pushed pretty hard and certainly have a conditioning effect. Anyone who knows what it's like to hit a high rep squat or DL knows this.
Third - it's not necessary to run the BW exercises in a circuit.
I usually ran 70% of my competition max for squat and DL as my TM and 80% on the bench. Add 1-2 BW exercises to support the main lift. Add in some conditioning to help w/ the recovery and weight loss.
I've been training relatively consistently for about 5 years so you may not have to lower your TM's as much as I did, but you will certainly want to start light and progress slower.