YOU CANNOT SPOT REDUCE! PERIOD. Doing situps will not cut bodyfat from your stomach any more than it will from your arms. Doing pushups will not cut bodyfat from your chest any more than it will from your thighs. you must reduce TOTAL bodyfat to lose your tits, and the only way to do that is through appropriate training (both strength and cardio) and diet.
While you can't spot reduce would there possibly be a regiment of lifting that could fill out some of the non-man titty areas to reduce the effect.
I wonder if you could build up your upper and outer sides of your pecks using specific lifts in such a way that you might be able to smooth out the overall transition as well as pull up on the skin a bit.