I am currently studying East Asian Medicine (Acupuncture, herbology, and associated modalities). I can't speak for Ayurvedic medicine, but can comment on what I've seen and learned of Chinese medicine.
Let me start with the end: nothing is going to be as effective as simple carbohydrate control.
That being said, I have seen both acupuncture and herbs be effective in consistently lowering bg levels. Personally I used an herbal formula while I was still in my honeymoon period (I'm type 1.5) which consistently lowered my bg by about 15mg/dl in conjunction with a controlled diet. I've treated other diabetic students (type 2) with needles to obtain lower numbers as well. However, the time and cost of treatments and herbs is not in my opinion an effective means of control.
If you are eating very low carb, and an appropriate amount of insulin/oral drugs and still can't obtain the numbers you expect, then I'd say it is worth looking into.
It is in NO WAY A CURE. Don't let anyone talk you into that. It is no more a cure than a bolus of insulin is.
Also, regarding herbs: I was not taking a single herb or even a single patent formula, but rather a custom prescription based on my unique presentation. Patent herb formulas are useful, but will be less effective than having one made to meet your immediate needs (which change all the time).
Chinese medicine (and I imagine Ayurvedic) has lots to offer for many conditions, and it may be able to lower insulin resistance (or at least bg levels) but it won't restore Beta cells, or end the autoimmune condition that underlies it.
Always be skeptical of alternatives. Don't let that stop you from investigating and trying some of them though!