I can only offer my experience. My plan was to increase muscle and make my metabolism work harder. I'm an endo/mesomorph, meaning that building muscle and fat comes easy for me - and losing either comes hard. The trouble with bodybuilding is that it increases growth hormones like cortisol and that impacts on insulin sensitivity. So, after a week's research, I have modified my exercise regime to HIIT (High Intensity Interval Training). The reason is that the High Intensity period is not long enough to stimulate growth hormones and the enhanced calorie burn continues hours after.
If you've not encountered this, check out these pages at:
http://www.livestrong.com/search/?mode=standard&search=HIIT+diabtetes
The basic idea is that you start off with a 10-minute warmup, go hell for leather for about a minute, ease off for three minutes - repeat four times. Cool down over a final 10 minutes.
Diet and exercise are extremely personal choices. I'm just offering a suggestion.