Eek! That's a lot of weight for someone your size, no? If your goal is to "look lean," I would suggest eating fewer carbs and doing resistance training (and not focusing on the scale) . You should still take insulin to match your carbs and only decrease your basal dose as needed (i.e., if you find that you're going low). That's just my opinion. While I can understand the allure of being on Broadway, your health is so much more important.
That all said, I've definitely had success losing weight (as a T1) while eating fewer carbs. It's not always easy, but it definitely works. When doing this, however, my basal rate did not really change. I just found that I needed to bolus less.