Is the top worth air layering? You can definitely layer crab apples (I've done a few) but if you start a layer now, you'll have to wait 2 months (or more, maybe) to remove the top...so you'll effectively be trunk chopping in the latter part of the summer. Probably not the best time. On the other hand, chopping now should result in a decent amount of new growth if the tree is healthy. Or you could just wait until spring.
Is the tree grafted? (Most are). If it is, where is the graft with respect to the part you want to save?
Chris