5'4, 130 lbs, 36b. Would like to know if 400cc to 500cc is going to be to big for me and if I need to reduce the nipple? (photo)

There are 2 factors to consider when choosing implant sizes.Your breast dimensions/qualities (breast width, tissue quality, skin tone)You goals from the surgery (full upper pole, natural vs. fake look, cleavage)The breast dimensions determine the range of implants which will fit your breast. Your goals from surgery allow for sizing within those dimensions.In your particular case, your breasts may certainly fit a 400cc or 500cc implant, but the result may be an overly "fake" look. Sizing systems can help make a decision, but the most important factor is having a frank discussion with a board certified plastic surgeon on exactly what you are looking for. It's best to meet with at least 2-3 plastic surgeons before committing. 

Size is very relative to several factors that need to be discussed during in-person consultation with a board certified plastic surgeon.  The size chosen depends on the quality of the skin, postoperative cup size goal, and base width of the breast.  Most likely, if you choose the correct implant and you want to go that large, an implant of that size can be used.  For a larger sized implant on a smaller frame, you may have to go with a higher profile implant with a narrower base width so that the implant doesn't appear wider than your chest.  The nipple very well may stretch when an implant is placed but you may want to wait and do an areola reduction at a later time just in case it doesn't stretch too excessively.  That being said it may be a good idea to correct any nipple asymmetry found during consultation with a small lift at the same time. Good luck!