Hi, Cap'n; my wife has been "type one", which means a much heavier-duty control regime, and total dependence on insulin, for over 50 years; she has no real health problems. You won't have to add up every damn carbohydrate you ingest like she does. Much better a diagnosis of diabetes than undiagnosed diabetes.
As Repaire implied, I'm a little surprised if you were given that diagnosis on the basis of one glucose reading of 118. My wife's suggested goal range is 120 to 150, and I can't imagine any type one not slipping out of either end of that range some; she has survived a lot more fluctuation than that for most of her life. Yes, people find the diagnosis disheartening; but this isn't diddly to what you have hung in there through.
                                     Dean.