Probably lunges as well. Maximum HGH production occurs when the weight is ajusted so you can do just 6 reps.
Sure, you're reducing fat throughout the organism. If you hold more fat in the handles it will appear that there is spot reduction.
Max-effort is fine, but it's cumulative load is importnat as well. Lunges isolate the quads w/o stress to the spine. A safer exercise, but stress = release.
It's a misconception that you can do spot reductions, the body will take fat from all over. While you can build up muscle underneath flabby areas to increase size and tone, handles don't have any muscles underneath that's shapely. You can't get rid of it like replacing man-boobs with pecs. Bottom line is burn off more calories than you eat. Two ways to do that: 1. cutting back on calories is not a good idea if it's too extreme, you end up with low energy, hunger-pangs, muscle-catabolism, etc. You end up as a lighter person that's thinner but still has the same body-fat percentage. You'll look like a twig with a double-chin and love-handles! 2. burning off more calories through aerobic/cardio exercise is best. So, do something that burns off a lot like biking that can go through 800cal/hr once you're in shape. When your body-fat goes from 20% down to 10%, the handles magically disappear.