OP, I'm 5ft3 too, currently hovering around 9st11 but trying to get back down to around 9st2/3 at the moment.
I know exactly what you mean about saddle bags and cellulite. My tummy/saddle bags (muffin top) are my main problem.
I've been running again (used to run pre-DCs) for the past month or so and it has really helped my cellulite and wobbly bum. But running isn't a weight-loss answer for me, it just helps to tone up and prevent me from piling on more. It doesn't fat-burn.
I've also been shredding/Jillian-ing and it's helping but very slow progress.
TBH I have also tried 5:2 and it didn't work for me, I think because I already eat like that to some extent (very light dinners).
In the past I have managed to do it (after DC1 born) through Weight Watchers, but the progress was painfully slow, half a pound a week if at all. In the end I got fed up and had a week of WeightWatchers soup and lettuce and finally shifted the last couple of pounds to hit my goal and stop having to go to meetings. But, of course, a few pounds went straight back on the next week when I stopped eating like that!
The other thing I would say is that I am 38yo and my face started looking really wrinkly/thin once I dipped below 9st. I didn't like it! I concluded that my ideal weight is around 9st2/3. But anything over that and the wobbly bits start coming back and I pop straight into a size 14! There seems to be a very narrow margin for error.
I was down to about 9st2 at the end of last summer, but it was due to illness and I had lots of things I couldn't eat because they made me unwell. After getting well again I started eating normally again and, bang, I piled on a stone in four months. Which is why I'm trying to lose it again now.
My DMum is in her sixties and is an absolute slave to her weight, and it scares me that this might be how I have to be until I am old enough not to care anymore.