Diabetes will not kill you faster, but it will kill you, most assuredly, if you don't take the bull by the horns and control it.
First, get a glucometer. If you have no insurance coverage for the strips, buy the cheapest one you can find. Usually drugstores carry their own brand and are quite reasonable. Check out the price of the strips before choosing a meter.
Second, check your blood sugar before each meal and 2 hours after each meal and before bed for about a month. Later, you can reduce the amount of checks, but this will give you an idea of what kinds of foods raise it and what doesn't. It should be below 110 fasting and below 180 (or better)two hours after a meal.
Stay away from simple sugars and white flour, rice, instant hot cereals. Stick with foods that take longer to digest. Eat as few foods from the carbo group and when you do have them, eat whole grain, sweet protatoes rather than white potatoes. Do some investigating on the internet into glycemic index. Foods with a lower glycemic index will have less impact on your blood sugar than foods with high glycemic index. There are no free foods, except maybe lettuce. Even protein can only be eaten in certain amounts, though it wont have the impact that a bowl of cereal has.
Try to eat the same amounts of food at each meal, so your glucose can become predictable. Try to do your exercises at the same time every day as that will have an impaact on your blood sugar, too.
Bugsy, your borderline diabetes was probably there before the high cholesterol. Excess blood sugar is converted to fat by the liver, so you will have high cholesterol and triglycerides. Control the blood sugar and the rest will fall into place. Take your meds, and be proactive. Don't wait until someone tells you you're in kidney failure or you notice one day that your vision has changed. These things dont give advanced warning and are sometimes irreversible. I spent many years in denial and now I cant see out of one eye, so I speak from experience. And my blood sugars were never extremely high, just "borderline" as one might say. Im only 47, but I have complications of someone much older, so don't think it can't happen to you. Denial is a very dangerous place to be.
Derek, good luck. Try to take it on as a challenge, rather than be down about it. You can't change it so you might as well kick it in the butt!