Hi there - welcome! Glucose Buddy is a really great user friendly tool for tracking your blood sugars, meds and carbs and seeing trends. I have had T1 diabetes for 14 years and consider myself very healthy - 5'2", 113lbs, eat a mostly plant based diet and love endurance sports.
With the T2 diabetes and comorbidities you have (hypertension and hyperlipidemia), I would guess that these diagnoses are all related to a higher BMI and overall lifestyle choices? Sounds like you're off to a GREAT start with the exercise and dietary changes. Please be patient - changes may be slow, but they are guaranteed with diet and exercise.
To answer your question, it is absolutely possible to "reverse" T2 diabetes in many (not all) cases, especially when it has to do with lifestyle changes. There are some people who have T2 and are of normal/healthy weight as well, but even these people can benefit tremendously from lower glycemic index and overall balanced diets.
You might be interested in reading about plant based diets in controlling diabetes - I find it very helpful.
http://www.youtube.com/watch?v=o3Bu6MJZbW0