I also have huge hips and a small waist. Pre-T, I had the same 10" difference you have: 38.5" hips and a 28.5" waist. I would heartily recommend working your oblique muscles at the gym. Y'know, the abdominal muscles at your sides; fill those out a bit and it will make your waist larger. It also takes away that 'hourglass' look. I have a 31" waist at 5 months on T. I can't say how much of that is belly fat vs. oblique muscle, though. Some of both. I seem to have lost that 'hip shelf'--y'know how women will balance a bag of groceries or whatever on their hipbone to carry it more easily? Yeah, can't really do that any more, but I forget and do it anyways. So whatever it is just continues to slide downwards. Then I drop it. Thankfully it's easier to carry stuff in my arms now.
In the meantime... baggy pants worn low on the hips tend to disguise things pretty well. Looks a bit sloppy, but *shrug*