Thank you. I would love to be a strength/power guy, but my back/spine can't even handle squats or deads and a leg press powerlifter is sort of comical. I guess its mostly my ego suffering (I doubt anyone else cares). I would be fine around 12% BF- I just hope I dont lose too much strength in the process of getting there. Any remedy for the joint pain/injuries- Should I slow things down and lighten up even more in order to prevent further injuries?
Nothing wrong with leg press. I took 2+ years aways from squatting and did not suffer. Just have to do the best you can if you truly have injuries. At the end of the day you have to look for the best ways to stress your body. If you really cant do something....then work around it. BUT do give up easy

Never lighten up when in a legit deficit. If anything train heavier (relative to where your strength level is at). Drop volume if you need to. Take longer rest between sets. Just apply the maximum stimulus to the muscles while dieting. DO NOT go light. (unless dieting off LBM is your goal).
When you get to a point, you just have to claw onto every last bit of strength you can and ride it out. It is a mind fuk....just deal with it. Bench was affected the worst for me. (aprox 10% from a glycogen loaded state to a deficit state). I would drop off 40 lbs by week 5-6 of cutting. (It however would come back 95% by 2 weeks eating carbs at normal levels again).
Squats were affected about 5%. They will REALLY take a hit when you first diet as any fat loss off your waist gives you much less push off out of the hole. I have seen some big squatters lose 75-100lbs on their squat when they drop from a big 38" waist down to a 30". That wont come back. The lost fat is a lot of lost leverage out of the hole. After the big hit (depending on how much you have to lose off your waist, it is just leg fat out of the hole and general bloat as well. Not a big deal.
Deads were only about 3% for me. Just general bloat and less to push off against. Since you are not down as far in the hole coming off the floor on a deadlift, it is not nearly as impacted by fat loss.
As for preventing injuries.....just keep salt levels up (as long as you dont have HBP) and warm up good. Dig deep....take lots of rest between sets and work the 3-10 rep ranges as heavy as you can go focusing on big compound exercises. Keep iso work to just a little and save your energy for pushing yourself. Dont expect gains....just fight to hold on as best you can!