I'd suggest solving the yo-yo problem before doing the Velocity Diet.
It will work and will remove a good deal fat for the time you are doing it, but if you don't have the willpower to enforce some good dietary habits for the rest of the year, you'll just gain it back.
Although, it does seem to help people control cravings once they make it through the diet.
Anyway, the way you describe it you are quite overweight, not just looking to lose a couple dozen pounds. If that's so, you won't be all the way to where you want to get after doing the diet...