As someone with hypothyroidism, damaged knees, and a family history of diabetes I can understand the frustration you're feeling. From what I gathered, the LapBand procedure is much safer and better for your body than Gastric Bypass or Gastric Sleeve surgeries.
My grandmother had a GB done around 1975 or so. Gastric takes out a large portion of your stomach, and while that is permanent, it's also easily undone by continuing to drink soda, or otherwise overeat and stretch your stomach back out. Basically, GB gives your food a direct route to the toilet, letting less of it be consumed by the body.
Lapband is reversible, and does minimal damage to your body. It restricts the capacity of your stomache to small amounts (IE, two or three bites) at any time. Basically, you'll be eating a bite or two throughout the day. Any more than that will make you sick.
The downside to this is frequent visits to your doctor to get saline injected into the band, via shots directed into ports underneath your skin, and to monitor weight loss and so on. If too much saline is put in the LB, it's uncomfortable; too little saline, and it's ineffective. The first few visits will be focusing on finding that balance, pretty much. Also, your diet will have to change; less red meat, little to no soda, basically limit anything that will make you gassy and stress your stomache.
If a hospital near you offers the Lab Band, chances are they hold free seminars on it. That's where I learned most of what I know, paired up with meeting people who have had it done.
After looking at the numbers posted on LapBand's website, I decided against it. Something like 30% of patients having to undergo a second surgery to adjust their band? It may be less, but it made me shy from that path.
If you haven't already, be sure to talk these options over with your physician. They know your current conditions and such, and would be able to help you decide which is better for your body and lifestyle.