Well...dropping the carbs will certainly help with the "weight" (not just fat, but water and muscle too) loss as 1 gram of carb stores 4 grams of fluid; however, 1500 cals is very low, especially for a guy your size. You're likely to stagnate rather quickly on such low cals I'd think.
Dropping carbs too drastically will impede performance and likely hinder your training. I get just enough carbs to train hard. Never been a big carb guy. I do fine on 100-150 grams a day, sometimes more after a really depleting workout or multiple training sessions. I'm only 165-170 lbs.
I typically place carbs around training times, too.
Maybe try a higher fat approach (lower carbs) for a week or two? You'll shed water weight, probably some fat and maintain lean mass. Add some fiber like psyllium husk to your diet to help with weight loss and satiety. It will also help curb your sugar cravings.
Research some Alan Aragon and Layne Norton articles on fat loss. These guys are very good. Layne is a competitive bodybuilder and champion powerlifter. He also has a Phd. in some related field, so he's a "been there done that" guy. Their knowledge has helped me a lot.