@lyndsayob There are loads of threads here about the pros and cons. Have a read round and it will help you get a feel for pumping
I agree with everyone above who has mentioned advance bolusing. Me plus cereal and no,using just before eating equals a post meal BS of 11, but with advance bolusing my post meal BS is around 6. It works fantastically and until people try it, they never get how good it is (which is why I go on about it all the time : D ).
If you're spiking in the morning, you need to do a basal test, rule out a waking rise (I get that), try advance bolusing and try changing your breakfast insulin to,carb ratio.
My waking rise plays a big part in my morning. I find delaying breakfast will make me go high, so I always eat asap. You mentioned exercise. Whe I exercised first thing, I did my usual pre-exercise stuff (taking glucose, etc) didn't bolus as I didn't eat breakfast - and ended up surprisingly high when normally I'd be topping up with glucose and be low. So another option is changing your exercise time or tweak your eating time/snacks/bolus.
I've had a pump 13 years and I love it, but it's no easy option as there's still work to do for control