I understand why you'd want to use LBM, but wouldn't that low of calories be too low, too soon?
I personally maintain a 175lb bodyweight, at approx 15%bf with 3700-3000 calories.
(Edit: that's 2700-3000, not 3700)
At his weight and bf%, I would lower calories less dramatically right off the bat.
So if what you figured out using your 220 body weight is less overall calories than you've been eating, I'd say that's a good start.
You may want to gradually decrease your calories by something like 300/week, ever month (300 less calories in a week, dropped down only every month, don't decrease 300 every week, if that makes sense).
I think I'll be going on this diet pretty soon too, and I think I'll use Chad Waterbury's 10X3 for Fat Loss program to start out.
Good luck, and keep us posted. It motivates us, and can help keep you motivated too. Sort of like a symbiotic relationship.