I'm 5' 11" and recently dropped about 13 pounds to end at 155 pounds, in part as a substitute for buying an expensive bike. If I went lower than that, my wife would have me committed for being an anorexic.
It has indeed made hills easier to climb. Probably not as big a difference as buying a bike that weighs 13 pounds less, but I don't think I've lost much muscle. I depend on the weightlifting to maintain the upper body strength. BTW, it feels good to be this weight.
I always have a protein shake after hard exercise. GNC 100% Whey Chocolate Caramel is the best flavor.
BTW, the book
Strength Training Past 50 shows that 3x/week weight lifting is not much better than 2x/week.
This is what that weight looks like: