Squats are an excellent exercise but I would choose deadlift over squat for my self because of the amount of muscle used in a deadlift. Depending on how you dead eg. standard/sumo/narrow stance, you can hit muscles similar to if it was a squat plus all of the supporting muscles in the hips, lower and upper back, abdomen, forearms etc. which comes heavily into play. Alternately you could do what I used to do when I was doing less weights and squat one week, dead the next. Personally I found that deadlifting gave me more benefit for my MMA than the squats did but I tended to wrestle more than I did standup. If you're bangin' in standup having the squat related fitness might benefit better in helping you stay upright when you've been cracked a doosie. Ideally, I'd say that being able to do both squats and deadlift would make you better as an athlete but I'd personally try to emphasize having skill over obscene athleticism especially on a tight schedule, hence the deads being my choice as a more wrestling orientated practicioner.
surely if you have to minimise your weights to anything, it should include squats?