Well you have a minimim of 25lbs to lose, probably more since you'll have to undershoot your target weight and build muscle to replace fat.
The order of doing this is not that important. You'll probably hear that you have to reach some low % like 12 before bulking but you can build muscle at any time - it's just that you won't necessarily be able to see it when there is a layer of fat over the top.
I would start by cutting for as long as you can tolerate but you can switch back and forth between phases if you get tired of constant dieting.
The key thing is that you don't have to pile fat back on when you "bulk", you may not even need a calorie surplus - see if you can make progress with your lifting in the gym without one initially.
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