While I think the alternate day fasting is an awesome protocol on a lot of levels, there's no reason you couldn't modify it for your needs. If you ate 1000 calories one day and 2000 the next, you'd average out at 1500 calories a day, and probably lose the last bit you want to lose. It might take a little time, but you wouldn't make yourself crazy.
"Right is right, even if no one is doing it; wrong is wrong, even if everyone is doing it." - St. Augustine