I do like the idea behind the split. Kind of gives you the best of both worlds between high and low reps, as well as finding a good balance between hitting everything with enough frequency, but still allowing you to concentrate on a specific muscle group one workout out of the week, and it can easily be changed to work on your weak points as well. I've even thought about doing something similar in the past. However, I'm not really convinced it would work any better than an upper/lower split with a couple compound movements in the 5-8 rep range followed by higher rep work, but it's definitely can work well IF volume is kept under control.
If you do plan on following Laynes split I would NOT follow the routine exactly as he does. From what I've seen the volume is quite high. It obviously works well for him, but he's a freak and has worked up to that kind of volume. I would probably cut the volume in half AND leave about 2 reps in the tank on hypertrophy days.
EDIT - I just realized your weight and your goal being fat loss. Recovery is not going to be great on a cut, and volume would have to be lowered even more because of it. You're not going to gain muscle mass on a cut anyway, so I would actually suggest a full body routine 2-3x a week or an upper/lower split with only enough volume to at least maintain your lifts.