My experience with Metformin from November '11- March '12 was as follows- I had just put up an A1C of 10.5, and the doctor declared me diabetic on the spot. He was wrong. The chronic hyperglycemia was actually due to severe diverticulitis and multiple infections, including a UTI from a colovesical fistula. I was urinating fire every few minutes, passing gas out my urethra and chugging Gatorade to quench my extreme thirst. After I got the infections under control and went low-carb (due to thinking I was diabetic), I had to eat something every 2-3 hours just to keep my blood sugar up. Alcohol was a no-go. The good news was after all was said and done (and a week in the hospital after surgery to remove my sigmoid colon) that I lost 50 pounds and was no longer remotely overweight. This whole time I was keeping track of my blood sugar carefully, and showed my new doctor months of results. He told me to get the hell off of Metformin right away due to having numbers that were not only "normal", but on the low end of it. He wouldn't even tell me what my new A1C even was, and even told me I could have my cake (and eat it too.)
I suppose that if you lose all the weight from "male" places, then gain some back with female hormone levels, it will collect in more "female" places, but the trick would be to make sure you lose a lot of weight from the Metformin.
I was much happier off of it because having to remember to eat a small amount all the time just to keep my blood sugar up was a pain. When I went off of it, I stopped losing weight and my dysphoria went through the roof due to less testosterone aromatizing into estrogen from body fat.
Perhaps this is why so many MTFs have "fat" phases?