sc300,

I was in the same boat (just a little shorter). I was 5'8" & 210#. I had the gut and man boobs. Legs din't have an ounce of fat, BP was good, cholesterol was high though. I decided to lose weight, I though I would have been happy at 190#, had no desire then to get below that b/c I didn't want to look skinny.
I got down to 190# and continued on, all the way down to 170#, then started putting some good muscle back on. I'm now around 175# & I can honestly say that I didn't think I would look this good at this low of a weight. My BF% was probably 24% at 210# (I lost a good bit of weight before I started measuring it and even then it was over 20%) I'm now ~12.7% and feel great (and don't look skinny IMO). At 5'10" if you could get your BF down to 12-15% you'd probably look good around 190# (depending on your frame).