Yea it could, muscle loss and fat loss though, as well as over training. IMO if its been a while since you trained(regularly) I would just start out with lifting 3 days per week for a while, then start doing AM cardio on an empty stomach 5 days per week @ a low intensity, then you could either up you lifting to 4-5 days per week or keep it at 3 and do 20 minutes of moderate intensity cardio on the days you lift following your workout. IF I were cutting I would do 1 hour of cardio on the treadmill at 3.5 mph and a 5-8% incline first thing in the morning on an empty stomach, Monday through Friday(all 5 days). I would lift for about 45 minutes on Monday, Wednesday, and Friday. I would hit mainly compound movements and maybe one isolation movement each day. Following my lifting on Mon/Wed/Fri I would hit an additional 20 minutes of moderate cardio. This is just my opinion and some people may disagree. Diet is the key though. My take on diet is also different from most peoples. I normally take in 1g of Protein per pound of bodyweight and no more than that because it is useless if your not on "gear" I time my carbs around my workouts as well. The only times I take in carbs are after AM cardio, before PM lifting/cardio, and after PM lifting/cardio and all I take is 30g each time for a total of 90g per day.
The rest of my calories are made up of fat, mostly flaxseed oil, fish oil, fat from eggs, cheeze, beef, and almonds or peanuts. Also, I never eat carbs and fat together, I eat protein/carb meals, and protein/fat meals. Thats about it.