One of our members, Mtxpert takes the hydrostatic body fat test to keep a good eye on his own progress. If you notice on this chart I am attaching, in the last 3 months he has been able to put on about 10lbs of lean muscle while simultaneously losing about 70lbs of fat, for a total weight loss of 60lbs. He was able to accomplish all 3 goals you are looking to accompish. So yes it is very doable
http://www.obesitydiscussion.com/for...4&d=1170220395
Here is the thread where he talks about it:
Trials and tribulations of a middle aged fat man