Barbells just don't work for me right now. Every time I start squatting with weight I start getting bigger, which is precisely the opposite of the direction I need to go. Part of this is probably because squatting makes me ravenously hungry but part is that I naturally have large hips and legs that seem to gain quite easily. Past experience has shown that high intensity biking does an excellent job of shedding bulk so I'm emphasizing that for now.
You are correct about BW exercises. I obviously cannot do pull-ups or dips and I'm sure even my push-up number is <5. I view multiple sets of each as a goal and have decided on using the kettlebell to get some kind of strength training. I guess I'm looking for a type of minimalist approach for now but as I get smaller I plan to incorporate more exercises like rope jumping, rowing, barbells, etc....