I'm not too sure about how much more they will shrink, as I've only soaked mine in lukewarm water. But concerning where they sit, ironically I have found the 003's to sit low on the hips and have a shallower rise than my Lot 001, which sits above the waist with a higher rise (even though they're advertised as having a deeper rise?). The way the 003's are cut, for me I can't get them to sit high on the waist like you would expect a 'war model' to sit. I always get more shrinkage out of a hot tumble dry rather than just a hot wash, and you could try frying them in the drier. Personally, for me, the 003 cut is kinda weird in the top block, like they couldn't make up their mind on the rise/hip ratio. Love the leg silhouette though. Sorry for my psychobabble! I'm still on the fence with the 003's, and much prefer the 001's.