Hi Tony,
Good on you getting straight down to it! I use the gym 4-5 times a week and play football/cricket in the evenings. I agree with the numbers you've suggested - depending on your last insulin injection (see bottom paragraph).
Some advice I was given when first diagnosed is to have a snack before the gym and take slightly less insulin than would be normally required to cover it. By doing this, your blood sugar is elevated slightly before you exercise, then drops to a normal value post-exercise. For example: I eat a peanut butter + jam sandwich and a banana before the gym. Normally this would be 8 units of Novorapid. I inject 6u, which allows for the drop during exercise. I exercise for only 30-40 minutes, so you may need a larger discrepency, or alternatively, take an isotonic drink with you. I take Lucozade sport or Powerade for football/cricket matches as they last a lot longer than 30 mins.
The danger (as already pointed out) is if you start with elevate bn level and it is some hours since your last insulin injection, that level will go higher... I've found that out the hard way. And if your bn level is fairly normal to low before exercise it's only going to go lower. By having a small meal about 1 hr before exercise and injecting, that insulin is used during the exercise to use the carbs and give you energy. I never exercise now without having a small meal 1-1.5 hrs before.
Hope that helps - feel free to message me.
Sam.