If you have a saddler around they may be able to come out and look at it on him and restuff it. This really helped my coach fit her saddle back to her horse after muscling up. Not to sure if it would work for you since the saddle is too wide but may be worth asking about. My coach paid about 60$.
Also I think a pad will be fine for quite a while as long as it makes the saddle fit well. One of the school horses has used a pad for over a year now with no problems at all.