Bicontinuous microemulsions arise in a narrow concentration range for ternary blends containing two immiscible homopolymers and the corresponding diblock copolymer. Steady shear reveals four distinct regimes of response as a function of shear rate, corresponding to flow-induced transitions in fluid structure. In situ neutron scattering shows flow-induced anisotropy in the nanometer-scale microemulsion structure at moderate shear rates, while higher rates induce bulk phase separation, with micron-size morphology, which is characterized with in situ light scattering and optical microscopy.