Hi,
I've spent a lot of time researching the physiological effects of exercise on diabetes (you name it, I've read it!) but, as always, it can take a lot of trial and error to tailor exercise for oneself - we're all individual!
I train (hard) for 1 -2 hours a day and have found that the best time to exercise is at least 3 hours after a bolus/shot of rapid insulin and directly before my next big meal (so usually about 3-4 hours after lunch and just before dinner is best for me). There are many complicated physiological reasons for exercising at this time but to put it simply there is a lesser chance of hypos during the exercise and hypers after.
If you are interested in learning a bit more about the body's responses to exercise I woud recommend a book by Dr Sheri Colberg called 'The Diabetic Athlete' (not just for 'athletes' but for any diabetics who want to get moving).
Sorry if this is all a bit long-winded but I love to exercise and find diabetic responses to exercise fascinating

It's my area of interest!