I would have to wonder whether your skin is really that dry, or whether you are moisturizing it so often that as soon as the lotion settles, you start to think about your skin and notice that "tight" sensation. It's a little like trying not to think that your lips are dry, which makes them feel dry, and then you lick them, and so on.
Obagi Blue Peels (trichloroacetic acid) don't do anything for dehydration. They're fine for sun damage and fine lines on the face, less fine for pigmentation on the chest, and not much good at all for legs, certainly not what you're complaining of. If I were you, I'd stay away from peels for this purpose. Also, I'd skip the exfoliation, which isn't going to do much for your sense of tightness.
My advice is to limit your moisturizing to once daily. Either soak in a tub with bath oil for 15 minutes, or apply a moisturizer containing ammonium lactate (ask your pharmacist) immediately after showering.
Also a good idea might be a visit to a dermatologist, just to make sure you haven't got eczema or some other skin condition which aggrvates the sense of "dryness."
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