Yeah, I’m a love handle guy (as I’m finding out…I’m 38 and have never had to worry about this in my life until now). Your formula seems to make sense. I was at 158 with 31.5" love handles and now I’m at 185 with (once I re-measured) with 37.5" love handles. I’ve got a bit more muscle since then, but its so hard to say how much.
I think its much too individual of a thing to determine exactly. For example, I stored HUGE amounts of fat in my “love handle” when I was out of shape in the past.
Lets have a little fun though, Here are some numbers I recorded during my last diet.
Week 1 - weight 234, love handles: 43.75, waist: 40.50, thigh 27.50, butt 46
Week 30 - weight 161, love handles: 31.75, waist, 33.5, thigh 22.25, butt: 36
So you can see that I lost 12 inches off of one area, and only 7 off of another, and 5 off of another.
Although for my numbers every 10 pounds of fat equals about 2 inches off the waist line in you average it out. So for a guy who stores fat in his love handles like me, it seems to be that 10 pounds give or take 1-2 pounds would be a good estimate.