Yes, you can get smaller than 34AA, I'm a 32A! I'm also a pear by nature, so whatever fat I have left sticks right to the hips and thighs. My strategy is strength training my upper body -- to visually balance out the upper and lower half and give more of an hourglass shape effect. That, and wear a bra with a little light padding.
The only comfort I can share is that even though the fat seems to come off the upper body first, the lower body loses fat too! We actually shrink proportionally, I think, so if we start out as a pear, we're still a pear after, just a smaller one!! Then the only way to reshape ourselves is through exercise and strength training over time.
The weight loss is worth it though!! And I really don't mind being small on top, I'd rather be too small than having the discomfort of being too big. There are tons of really cute summer tops you can wear if you're small on top and have nicely toned/defined arms and shoulders. And I just wear dark colors on the bottom .....