Question on New Workout

Background: I'm currently 6'4" 185. I used to be a fat guy (265 lbs) but I lost all the weight about 5 years ago. I've always been lifting, but I haven't made any progress in the strength department. I'm sure it has to do with my eating habits. I'm deathly afraid of being overweight again, so I've never been one to attempt to bulk.

I have decided to modify my workout to a full-body, 5x5 routine to increase my strength.

My workout looks something like this:
Squat
Bench
Weighted pull-ups
Standing Barbell Press

My questions are:
Is this an effective program to increase strength?
How often should I lift?
How long of a rest should I do between sets and exercises?

Thanks,
Sam

Reduce volume, increase rest days.

ttt

Why not break it up a bit eg: 5x5

Day 1: Sqaut - Bench - Weighted Chin - OH Press - Abs

Day 2: DL - Weighted Dip - Bent over Row - OH DB press - Obliques

Train and rest as recovery allows

Baz

Refining my above post as I cannot use the HTML editor:

Why not break it up a bit eg: 5x5

Day 1: Sqaut - Bench - Weighted Chin - OH Press - Abs/Obliques

Day 2: DL - Weighted Dip - Bent over Row - Shrugs - Abs/Obliques

Train and rest as recovery allows

Baz