yeah that's pretty much exactly what i am doing currently, except i am only dead lifting and not squatting at the moment. i also do not do calf raises because my calfs are already nice and i just don't see the use, but to each his own. my opinion is that if the squat and dead lift, by far the two most useful exercises in the gym, don't train them, then they probably don't need to be trained.

i am on a calorie deficit at the moment, trying to cut down from 167 to 155, and i am currently at about 163, after a ton of muscle gain (evident by a large % increase in my lifts, after 4 months of nothing but video games, fast food and soda) and supplementing creatine, so my results are coming along nicely.

i don't recommend not squatting, but i just don't have the energy to squat safely (i workout alone) on a caloric deficit and still be able to do cardio and another lift, without possibly over training. my blood sugar is very irregular when i work out but now that my diet is cleaner it's starting to not be an issue.

buy the book starting strength by mark rippetoe and lon kilgore, and youtube search mark's name and watch all the videos. there is also a website for starting strength where all of the admins pretty much know what they're talking about. note that he advocates the low bar squat for training so if you don't already squat like that then it will seem different.