Layperson weighing in: I think that the effect of cortisol on lipolysis is secondary here, and focusing on it is confusing the issue. Regarding exercise, the important effect of cortisol is the breakdown of muscle tissue that it induces. You want that effect - temporarily, to be sure - so that muscle tissues can rebuild themselves a little bigger and stronger with rest. That's where timely post-workout nutrition comes in - it stops that cortisol effect (after a period of muscle breakdown) and supplies muscle cells with nutrients necessary for rebuilding.
While cortisol may increase lipolysis, it may be that other exercise- or stress-produced hormones are more central here - the catecholamines that Lou mentioned, like adrenaline and noradrenaline (also called adrenaline and noradrenaline), glucagon and adrenocorticotropic hormone.
With luck, some non-layperson will come along to expand or correct my statements as needed.
