You can get localized fat reduction doing gh subq like in the stomach area, etc. However everything I have read and believe after almost 5 yrs of gh (all kinds) is that you get better overall effect doing it just "straight" subq. I do mine in the top of my leg, just pinch up some skin and pop it. I think there is no question you get more overall out of it. The thing about doing them into a little body fat (if you have any!) is you don't get as good absorption. Also definintiely much better subq - you don't get nearly the benefit from doing it IM.
Also Cobra333 you really won't get much anabolic effect from "just" gh. Gh and AS, gh and slin, or gh and both are great. It will burn body fat, and you would get some hardening, etc from a high protein low fat gh only diet, but I wouldn't count on any mass gains.