Well it is all about how you do it, if you go vegetarian, but eat a decent amount of cake & candy, it is not going to help you. Meat can be fine as long as you limit your intake of fatty meats, so skinless chicken may be a better choice than bacon.

You should consider creating a diet plan, here is what the Mayo Clinic advises:
(General advice)
http://www.mayoclinic.com/health/diabetes-diet/DA00027

(Exchange lists)
http://www.mayoclinic.com/health/diabetes-diet/DA00077
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As a diabetic you are advised to limit carbohydrates, leaving protein as a main source of nutrition. You can get protein as a vegetarian but it can be difficult to limit the carbs. I would stick with a diet that includes lean meats, I would also consider consulting a dietician.
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