Would I be a better candidate for CoolSculpting or Ultrasonic Cavitation?

Between the options you had listed , coolsculpting removes more subcutaneous fat (20-25% after one session) verses ultrasound (11%... or 32% after 3 sessions) Coolsculpting is a more comfortable and virtually a painless treatment.  At 118 lbs and 5'3, I would not expect to lose 3 inches. Even liposuction would not likely reduce 3 inches from your waist, as this is seen more with larger individuals. It's best you seek consultation to see if any non invasive treatment can render your treatment goals. 

Hello and thank you for your question. Coolsculpting is a great treatment to get rid of stubborn fat that is not going away with diet or exercise. There needs to be at least 2 inches of "pinchable" fat in the area you want treated. My recommendation would be to seek a consultation in a practice with a board certified physician. Hope this helps, Dr. S.