What I'm asking is, let's say my husband is 64 years old and we don't need the money that year, or my husband is 69 and only needs a few thousand dollars out of that account for a year, is that something that can be done...?
We'll take the easiest one first: with some exceptions that most likely will not apply to you, the answer is "yes".
We won't be taking the immediate annuity amount as that would put us in a higher tax bracket, and we would basically receive 1/3 of the amount on a monthly basis due to taxes.
Wow! A 67% tax rate? Are you sure?
And now, we have a few options. [1]Roll it over, [2]wait until his normal retirement date and take a monthly payment then, and [3]take an immediate annuity amount.
...
I'm assuming there is a calculator on the web that will give this info?
There are multiple ways to analyze this. Comparing your options to the cost of buying a commercial annuity is a good reference point. You can also do some whatif?s on your own.
E.g., the chart below looks at the option between a $400K lump sum and $30K/yr with no COLA. This would compare your option #1 with option #3.
To look at option #1 vs. option #2, consider the following:
One way to evaluate "pension now" vs. "pension later" 
Compare pension payment promised at the later time to either 
 the "Interest generated by Future Value" (Future Value principal is not touched), or 
 the "Constant withdrawal of FV over time L" (principal goes to zero), or 
 "Trinitystyle withdrawal of FV over time L" (annually inflated spending; principal > zero) 

Lump sum now  PV  $400000  
Payment starting now  Pmt_now  0  $/payment 
Interest rate  i  5.0%  /yr 
number of years  n  5  yr 
number of payments/year  freq  1  /yr 
When payments are made for each n  type  0  0 = at end, 1 = at start 
Future Value  FV  $510513  

Interest generated by Future Value  FV(i,n,P) * i  25526  $/payment 
Longevity of future pension  L  30  yr 
Constant withdrawal of FV over time L  Pmt_future  33210  $/payment 

Spending growth rate (e.g., CPI)  g  2.0%  /yr 
First year Trinitystyle withdrawal  W(FV,L,i,g)  25110  $/yr 
  2092  $/mo 
In other words, depending on the assumptions you choose, the $400K lump sum now might be "worth"
 $25,526/yr forever, or
 $33,210/yr for 30 years (and then the payments stop), or
 $25,110/yr, increasing by 2%/yr, for 30 years (and then the payments stop).
See the 'Misc. calcs' tab in the spreadsheet you can download from
http://forum.mrmoneymustache.com/askamustachian/howtowritea%27casestudy%27topic/msg274228/#msg274228 if you want to enter your own numbers.