It seems like the biggest thing you can do for your figure would be to pack some muscle mass onto your butt and legs, which means training hard, cardio won't do it. You're limited in the exercises you can do because of your back, but there are modifications which can still be very effective.

I hold my fat in the same spot - middle belly, and upper rear hips... so from experience changing yor proportions and building bigger butt muscles and thighs will make that belly look a lot better. Plus it's always great to have a nice, fit, butt! Unfortunately you'll have to get your bodyfat pretty low in order to reduce the fat on your actual
waistline. It's going to leave there last.

There is also a thread around somewhere about how bodyfat shifts around once you're done losing fat, to become more proportional...
http://forum.lowcarber.org/showthread.php?t=23367

take care,
Meg