Jesse, I'm a scientist too. This isn't my field, not even remotely, but I do appreciate quantitative data just as much as the next science nerd. Here's what I found.
I found one study that looked at Retinol-A for fine wrinkles to deep wrinkles and rough skin. It was shown to have an improvement in their study. However, I did not find the statistics or the methodology to be particularly significant since there was little in terms of actual data. It seemed too subjective, still there are many studies that have similar conclusions. (
http://www.ncbi.nlm.nih.gov/pmc/articles/PMC2921764/ ) However, the anecdotal evidence suggests that Retinol-A may help a bit because it seems to help promote collagen and elasticity. It does not get rid of excess skin but it may tighten up what you have. It does carry its own risks in terms of skin health though, because of the sunburn risk.
There are other articles where Recombinant human erythropoietin (stem cell activator) is used as a topical agent in the reversal of wrinkling and skin traumas, but I couldn't get the full text on that. It would stand to reason that stem cells with their rejuvenation effects and potential for regrowth would revolutionize skin care as well, especially scars after surgery and plastics.
There's also the critical effect of nutrition. Sugars like fructose and glucose appear to have a strong negative effect on the skin's collagen. (
http://www.ncbi.nlm.nih.gov/pubmed/20620757 ) Simple sugars seem to break down the collagen more when activated by UV especially. In fact, UV is one of the worst things for your skin's elasticity.
Anyway, I am not a dermatologist or even in the biology field, and most of what I have read is only talking about minor to moderate wrinkles and elasticity. Once you have extreme extra skin though, the best you can probably do it have a highly scar-reducing plastic surgery. I saw some articles on laser skin tightening, but I didn't look into it since it's an after-the-fact situation.
Maybe if you ate few simple sugars while growing your excess skin it will have a greater chance of rejuvenation if the obesity duration was not too substantial. But there are so few articles on this, because the current thrust of the research is into anti-aging, where Retinol-A seems to have the most scientific umph (from my cursory browsing). I do think stem cells would provide an interesting and potentially amazing benefit for skin damage like this, because like regrowing teeth, the benefits are revolutionary. It could make the scars from plastics essentially disappear, and return collagen elasticity regardless of age. Definitely something to watch for in that and related biomedical fields.
One interesting article that was not fulltext available, was talking about the causes of tobacco use in premature skin wrinkling. It is, along with UV, the most damaging thing you can do to your skin. If you are a smoker and a tanner, well, you'll probably look like the Marlboro man and there's not all that much that will help with that. However if they can understand why it causes premature aging, it is possible that a derivative may yield an agent to cause delayed aging. I couldn't find anyone who is actively researching this, though.
I did not see any articles on my brief pubmed tour that indicated that exercising had any effect on skin elasticity at all, though. Most of it seemed to indicate that UV, smoking, nutrition and age deteriorate skin elasticity to some degree. But at some point it's beyond simple elasticity and into new skin entirely, and the current research for that is all plastics, plastics, plastics.
I hope this is enough information for you to branch off and investigate further, as it is not my field of expertise.