Doesnt sound bad to me.
I think if you are eating right and not in terrible pain afterwards I don't see why you cant do a little cardio everyday. I started small with walking, a little more each day, to the point I now have been running home 5km everyday this week for the first time ever, plus walking each lunch time for 30 minutes and still doing weight training and taebo on off nights. At this point the only pain or burn I am feeling feels genuinely good and I haven't been injured yet. I pay a lot of attention to warming up and stretching and so far so good.
One thing to consider. I did pretty much the same as you. I dropped from 297 to 272'sih and hit a wall myself. I ramped up the exercise big time, but it wasn't working. Then I really decided to pre-plan all my meals and take 100% control of my daily eating, with one day off a week, and the pounds started and continue sliding off again at 2+ pounds a week.
As for the exercising, if its just cardio, I say why not? As long you you aren't in pain or hurting yourself. Bike couriers pedal their asses off 5-7 days a week like madmen, and they don't take days off work in between. Nor do other people working physically intensive jobs. I have been working out 7 days a week in different ways for months and am getting to new places I never thought I would go. Personally I feel, if it ain't broken, why fix it?
Go hard and have fun!
sirant