The pump certainly gives you more options for varying your dosages to account for exercise. The relevant factor in comparing against basal-bolus MDI isn't the "bolus" but the "basal." Your only point of control with day-long insulin is that one shot (some people do two but the point is the same), versus being able to adjust it at will whenever you need to. Obviously having a pump physically attached is a personal issue. Swimming is more of a problem than other forms of exercise I should think, for obvious reasons, but there are people on TUD who manage it. Due to orthopedic issues I only bike ride now, and when I first started I had some awkwardness with the pump tubing, but it's like getting a pump in the first place: you pretty quickly get instinctive about it.
But this bit is a little confusing:
The injections should be dropping your glucose, not spiking it...? Do you mean hypos? In any case, the problem with MDI and exercise is that you can't, for instance, drop your basal rate in anticipation of exercise, or back it off when exercise is causing you to go hypo--it's going to do whatever it's going to do based on that daily dose.