Yes, the metformin helps with cholesterol. I've used it twice...
but both times after a few months, my GI tract goes haywire and I can't live like that anymore. Usually the lowering of the cholesterol takes a few months, it is not rapid in onset.

Not everyone responds to metformin this way, however. So maybe you will be lucky. I've found information that metformin increases serotonin in the GI tract which results in more motility.
Metformin is tried in people with gastroparesis for this reason.

You should really try the R-lipoic stabilized....it can lower blood sugars. Be sure to test frequently to see how it reacts in you while you are on the metformin.

There are other nutrients found to help diabetics. There are papers on these too.

1) magnesium --- this is lost in the urine of diabetics, but the cause is still not figured out. So eating foods high in magnesium and/or taking a good supplement (not OXIDE form) may help.
my magnesium thread with information:
http://neurotalk.psychcentral.com/thread1138.html
start at 1/2 the RDA or 200mg elemental.

2) Taurine has be found to be of benefit for diabetics. At least 1000mg a day.

3) Inositol is also lost in the urine of diabetics-- at least 1 gram a day.
This comes as a powder that is inexpensive and mixes into liquids. Has a mild sweet taste.