J.R.
I had a breast reduction 15 years ago, and the procedure was the same as you described. I have since had 2 children. I was not able to breastfeed my oldest because my milk never came in. I did get milk with my second child, but chose not to breastfeed for other reasons.
Breastfeeding is a wonderful thing...especially for a preemie. However, don't let anyone make you feel guilty for not breastfeeding. It's a personal choice. Modern formulas are also wonderful, and will give your child everything he/she needs to thrive. My girls are now almost 8 and 5 years old, and they never get sick.
When I had my surgery, I was told I would have a 50/50 chance of breastfeeding, and that's exactly what I experienced. It doesn't sound like breastfeeding is working too well for you anyway, so you probably won't be any worse-off after the surgery.
As far as sensation, I have some, but it's minimal. I still say the surgery is the best thing I ever did. I'm completely happy with the results. I'm so much more comfortable, and it did wonders for my self esteem.
By the way, my sister has the same "imbalance" that you do, so I know exactly what you've dealt with over the years. Nobody can tell in clothing, but being her annoying little sister, it gave me something to tease my otherwise-perfect big sis about. Hopefully, you didn't have an annoying sibling such as myself. If so, I apologize on their behalf!! :)
Good luck to you!