Hi Martin,
I'm really sorry - I just didn't spot your original post and I can't understand why you had no response from anyone else. However, I have to say that I don't remember ever seeing a mention on this forum of acarbose (or Glucobay as it is usually marketed as in the UK), which could explain why you had no response.
I did some research on it and it looks like it could certainly help you. As you are already aware it slows down the rate at which carbohydrates are converted into glucose in the blood and so gives you body's insulin a better chance of dealing with the glucose without being swamped by it. Of course it doesn't prevent the eventual conversion to glucose, it just slows it down. I guess that would be helpful if much of your carbohydrate intake is in the form of high GI carbs, but if you already eat a predominantly low GI diet, then the carbs are already being converted more slowly into glucose. I think my only fear would be does that mean that by the time slow converting carbs are slowed even more, will the body still be actively producing the insulin needed to deal with them?
An alternative approach that you might want to consider is to simply reduce your carbohydrate intake by cutting out, or heavily reducing, those carbs that provide little other than starch - what are sometimes referred to as "empty carbs" (i.e. wheat products, pasta, rice and potatoes). If you substitute these with higher quantities of fruit, vegetables and protein then your body will still get all the carbohydrate that it needs. Many people have found that by simply reducing their "starchy" carbohydrate intake they have been able to bring their blood sugar levels under control - and they usually feel healthier and fitter as well - although from what you say, if you were any fitter you would probably have to be classed as a dangerous weapon!!