Judoka and I have talked about this alot, and he makes some very good points, so I suggest checking them out.
what amount of weight is good to cut before any event that will have the least impact in your performance? im about 173 right now and with diet and exercise i should get down to a solid 165 could i possibly drop the 10 pounds to fight at 155?
Again, I can't emphasize how important it is to feel comfortable with your weight cut. I've said it to everyone who's asked me again and again and again, and I tell it to the adults I train with that are thinking about doing it.
I am sure Ironman will give you more but i will outline a few pointers here for you.
I suggest you do some trial weight cuts and see for yourself. We can't be sure if you can drop the extra 10 pounds because we don't know what your body is like etc.
I suggest you do trial weight cuts and find how you feel and how you went and also what did you feel most comfortable at.
Your first time cutting weight should not be right before competition. That's not the time to be experimenting with that, because it will drain you and it will really hurt you in competition if you do it wrong (and it'll still hurt a little if you do it right).
A ten pound weight cut at your size isn't serious. I usually tell guys that they should stay below cutting 10% of their bodyweight, and you're doing that, so you're well within the guidelines I usually set for guys.
I suggest losing as much weight as you can first, and if you think you're going to be down to 165, that's great. I think that, if you really want to do this weight cut the best way as possible, you should set a goal to get as low as you can before the cut, so that you are, ideally, cutting less than you think you will have to now. (it makes the weight cut that much easier come competition time)
Be aware that you are going to have to work for the cut. You are going to have to fast, you're going to have to sweat and you're going to have to work for it. Alot of guys see wrestler do it and they think that cutting weight is easy, but that's a load of crap. It's work.
Like I said, try it in the gym and see how much you can cut in certain amounts of time, understanding how much time and what kind of resources you'll have at the competition. You may not have a sauna when you get there, and if you were using one back home, then that'll suck. Make sure that you have control of your environment when you get there, and bring the trashbags, the distilled water and that kind of stuff with you. Preparedness is most important.
Hope that was helpful.