I'm actually doing that right now, this is week 5 for lifting. I started my diet a week prior to it, no reason just how it worked out in terms of real life matching up with my lifting.
My squats are still gaining 5 pounds a week, I stalled on my bench for a week ago but no biggie, that is to be expected. I didn't lose any weight during Week 4, but I did lose an inch off of my thighs and waist, and gained a quarter inch in my chest and my bicep. I have a log called Trimming Down in Size on the Weight Lifting Forum if you want to run through it and look at my progress.
I do cardio every other week, but next week starts my cardio on Tues/Sat/Sun for HIIT and I may throw in fast walk/high incline on Monday/Wednesday. I don't do cardio on Thursdays to give my legs a rest for the big day on Friday.