Personally...If the person was overweight because they were lazy, inactive, and loved eating nothing but junk food, made no effort with their appearance or hygiene, and was deliberately speaking much louder than they needed to despite knowing it was embarassing, then I very much doubt I'd get close enough to fall in love with them. However, if you're in love with someone's personality and then realise these things, then no, they don't matter and of course you can still love them in spite of them.
P.S I'd never "settle" for anybody. I'd rather be single than have to 'settle' for someone.