Yes, it can be done, but it will leave scarring. Without seeing you in person, it is impossible to say if this is the right course of action for you. I would suggest that you schedule a consultation with a board certified plastic surgeon in your area (link below) to discuss your body contouring...
To treat this region and the saddlebags that are adjacent I would recommend that you consider undergoing liposuction. For the banana rolls it's important to only reduce the superficial fat and not to be aggressive or go deeply because this is the support structure for your buttocks.For patients...
The only reason I can think of to have muscle weakness after liposuction would be the layoff from athletic activity during convalescence. I think this will pass very quickly.