Even if you don't want to lose weight, low carb is a successful way to lower blood sugar - just eat plenty of unprocessed/lightly processed fat instead of carbs to maintain weight.
And it isn't necessarily an issue for cholesterol - some research suggests that a mix of highly processed fats plus processed carbs is the worst culprit. My triglycerides actually improved on low carb with extra eggs, cheese, plus double cream, etc. while my HDL/LDL ratio improved too.