I understand your dilemma really well. I'm also really well-endowed, and a lot of bags seemed to be designed for boys (i.e. double-shouldered backpacks, where the stabilizing clip that keep the straps together always seems to sit front and center right on top of the girls!!). I haven't had experience with panniers, but, echoing Tulip, don't write off messenger bags too soon either!
My favorite is a bag with a padded strap that has a cross-body stabilizer, like the Timbuk2 Classic Messenger. The padded strap goes down the middle, and the cross strap goes underneath "Righty."
DH has a Chrome Metropolis (large classic messenger shape), and that cross strap fits right at his armpit, so I would probably avoid that one, but I would die without my Timbuk2. The volume on messengers is expandable, versus the static dimensions of a traditional backpack or panniers, and it shapes to fit your body so you can always shift things around to find a comfortable spot.
Here's me home from work. Contents of the day are 1) remains of lunch--one small and two medium-sized Tupps, 2) saddle I bought off Craig's List, 3) work shoes--flats, 4) work clothes, 5) 2 textbooks, and 6) the usual junk:my wallet, graphing calculator, 3 lights, jewellery, and tire levers, spare tube and handpump. Would that fit your bill?
Plenty of room for more!
It's called the American Dream because you have to be asleep to believe it...
--George Carlin