First, please don't consider me an expert on feline diabetes. Although I am in somewhat of a unique position in that I myself am I diabetic, I don't have the base of experience treating cats that so many of the regulars here have under their belt. Their experience is a valuable commodity that they are sharing to help me and you.
As far as Teddy's feeding schedule, I would think that you primarily want to be consistent with it whether it's 2 or 4 meals a day or whether it's more of a grazing pattern. If Teddy is eating all of the food that you've been feeding him, then I'd add another meal and/or just leave some food out. Buddy's feeding schedule (and the other two ferals are on the same schedule) is to get about 1/2 of Friskies Pate (remember, that is the larger size can) every 12 hours. I also mix in a little Young Again Zero Mature with it. Then whatever they don't eat initially is just left out for whenever they want it. Typically, a little bit of the food is still in their bowls so I just dump it and start over.
But these guys used to eat one of the highest carbo rich cat foods that I've come across. Their diet now is maxed at 5% carbs, and probably a percentage or two under that. I have noticed that with the new diet they are eating less (maybe much less) in volume and I believe that is a characteristic of switching from a high carb to high protein/fat diet. Remember, it is primarily the carbohydrates in the cat food that screws up their blood sugars. Same thing in humans. When I eat something, I pretty much balance the carb count against an insulin dose. I don't look at proteins at all. In humans, some fats are problematic in raising blood sugars and some aren't at all, but there is a delay as the 'bad' fats are converted to 'something' else that causes the blood sugar rise. From what I understand, the cat's system/metabolism is developed or has adapted to a high fat diet and fat is processed fairly well by them, so I would assume that blood sugar elevation in a cat is minimal...but that's just a supposition on my part based on piecing other bits of information together. So basically, I would just work out a feeding schedule that you can maintain and that makes Teddy happy. Just minimize the carbohydrate content of his food.
Yea, it surprised the hell out of me how quickly Buddy turned around. He was on NPH for a week preceding the Prozinc spreadsheet, but it was full of havoc as the NPH had too short of an activity curve and Buddy's diet was being changed. I was not at all comfortable with things until his 12 hour numbers were getting out of the reds. But I would not say that he is better, because he's probably still classified as a diabetic. One of my preferred adjectives for a diabetic is 'maintained', meaning that their blood sugars are under reasonably good control. Currently I think of Buddy as a well maintained, non-insulin dependent diabetic.
And Buddy is one cool cat. We've got five cats in the house (and a dog). Three of the cats are ferals and the two 'regular' house cats were adopted from rescue shelters. It is very interesting to observe the unique personality of each of the cats and compare and contrast them. The other cool cat that we've got is Ozzie (also a male), but he's more of a 'Dennis The Menace' type and the dog loves playing with him. When the dog won't come to me when I call her, I just start calling for Ozzie and she comes running looking for him.
. One extra note, if you get a PS of 170 or less where you do a NS try to get a test a few hours later to see how he's doing without it. Will help figure out what to do if it happens again. Oh Rachel said that too 
