Sorry for being blunt, but losing some weight will do wonders for you. I don't know your body type, but at your height, a 34 inch waist should be very doable, maybe a couple of inches smaller if you have a skinny build.
And, a corset is your best bet. Look for sales on Ebay. Meschantes has an ebay shop, and if you time it right, you can get a custom underbust corset for about 100 dollars that is very well made.
