Try posting on the weight loss forum.
I would suggest if you haven't already, that you get your thyroid stabilized so that weight loss is easier. In general, I don't recommend radical weight loss or using products like that to substitute for healthy low calorie meals. As a diabetic you need to find a way of eating you can live with ongoing. Don't believe everything sales ladies tell you about their products and don't use them as experts in diabetes.
To answer your question. It seems to work fantastically for diabetes management. My daughter, 27, has type 2. Her blood sugar was always 400-500. No insurance so no insulin or meds on a consistent basis. She started on the HL program, shakes & diet and within 1-2 weeks, her sugars are around 200 consistently. Not perfect, but it's a huge change for the better.
I am also type 2 diabetic. My #s have run around 250-350 even with 125 units of Levemir a day. I've been on every oral diabetic med out there. This is my 3rd week on HL. Last night's reading was 122. This mornning 192 (have always been higher in the morning). That's the first under 200 morning reading in months and months. I don't think I'm having the weight loss results that some do, but I'll take the improvement in the diabetes even if that's all that happens!
If your goal is to lose weight, and make a significant impact on your blood glucose levels, stop eating carbohydrates. You don't need Herbalife to accomplish that goal. All it takes is the will power to replace a carbohydrate rich food with one that contains protein and fat. I know it sounds counter-intuitive to eat fat to lose fat, but until you read up on a low carb lifestyle, trust me on this. In 7 months I've lost 30 pounds, almost 3 waist sizes, and it was almost too easy to be true. Don't decide to diet but rather adopt a new lifestyle of eating. That all it takes.
Shakes like this can and will lead to weight loss. Many are low glycemic too. The issue with these products is that they not only limit calories but they also lead to a loss of good nutrition. You can get yourself in a serious health bind quickly. Realize that many of our physical and mental health issues start with poor nutrition and build off of that. A calorie deficit of 3,500 equals 1 lb. lost. Ironically it could take up to 3 days to see it on a scale. I recommend a good sound nutrition program(low glycemic in nature) along with a proper exercise program. This way you can take off lbs. and try not to spike your blood sugar.