Xchange,
Congratulations getting your cholesterol down below 200. Fat from your intestines is packaged as triglycerides (TG), and in some people they can become quite high, usually in association with a familial syndrome, but sometimes from medicines such as cyclosporine, some diuretics, from excessive alcohol intake, or from eating prior to giving the blood.
To properly answer your question I really need to know the level of the triglycerides and whether or not you had fasted before giving the blood sample. However, assuming that your doctor is prone to exageration and that your TG are not "off the chart", then there is certainly a chance that you could further reduce your cholesterol and triglycerides by exercise and weight loss alone. I would certainly recommend trying an exercise program (assuming your doctor approves) before starting a medicine.
The Friedewald equation is commonly used to calculate the LDL, but the total cholesterol, HDL, and triglycerides are measured.
The equation is:
LDL = Total cholesterol - HDL - TG/5.
This equation, however, does not work for people with TG > 400.
Hope that helps.