We are the same age--Class of 1962, so to speak.
The most important thing to bear in mind is that leanness is a function of what you eat, not what you do. In other words, absent a Tour de France level of caloric output, you cannot hope to train away the fat. Put simply, you can't out-train a bad diet. Put another way, abs are made in the kitchen, not the gym. (This ends the cliché-laden portion of my post.)
So, you need to eat less. There are several ways to approach this. At ~40# overweight, you can make significant progress by simply cleaning up your act--no calorie counting needed. Since counting calories is a PITA, I would suggest you go with this route initially. Eat clean(er) most days; allow yourself an occasional (=2-3x/month) splurge meal (not splurge day), and a significant portion of the 40# will fall off.
At some point, however, your weight loss is going to stall out. It is at this point that you'll have a decision to make. Almost anyone can become un-fat by simply 'watching what they eat.' But getting lean almost always requires calorie-counting. So your decision will be to either live at the fat level you reached by simply eating cleaner, or to take the plunge and start calorie counting. Note that I'm not advocating for one decision over the other; it's entirely a matter of personal goals/priorities.
Assuming you decide to start calorie-counting, there are several strategies that can be employed. They all work, but for a given individual some will work better than others (usually for psychological reasons). If you get to a point where you decide you want/need to calorie-count, I'll be happy to share my thoughts about each.
As for whether to pursue TRT, I have to say I think your hesitancy is well-founded and prudent. The fact is, the long-term risks of supplemental testosterone are unknown at this time. My T levels are not quite as low as yours (I'm in the mid-400s). But like you, I am not clinically hypogonadal (ie, not having symptoms attributable to low T). For this reason, I have decided the cost/benefit ratio is simply not favorable to treatment.