A long time ago an old mechanic/tinkerer that I knew demonstrated something that really stuck in my mind. Take a long length of gutter down spout or exhaust pipe and simply place it over the stock muffler opening on a lawn mower, it makes it nearly silent.
Length alone has a lot to do with the noise reduction, without adding back pressure.
What I've done on some older machines is simply use the stock tube style threaded muffler and then add a custom bent length of exhaust tube over top of it to direct the exhaust further away or under the machine. The pipe alone will quiet the exhaust, then if you can add a small automotive muffler or glass pack, it can make it nearly silent and the larger diameter of the car exhaust adds almost no back pressure to a small engine.
One of my favorite tricks is to take a stock threaded tube muffler, then bend up an elbow and make the stack out of a glass pack for a smaller car. The length of the pipe is important to get the right note and to reduce noise. I usually have to experiment. On smaller motors I take the exhaust tube off an old VW bus, it's a 90 degree glass pack tube which I attach to a stock muffler with an extension to get the exhaust over my head. Often a simple slash cut 90 degree end will also reduce noise vs. a hinged exhaust cover.
The exhaust has to do four things, first off it needs to be functional for that particular engine, second it must reduce the loudness, third it needs to direct the exhaust away from both the driver and the engine air intake, and fourth, it should be tuned properly to achieve an non offensive note. Its not always how loud something is as much as what note the exhaust puts out. A mellow rumble is far easier to listen to than a raspy or ear piercing bark. Most of us don't want our machines to sound like a dirt bike or a kids go cart either.
On my Simplicity and Allis Chalmers machines a pepper box and about a foot of pipe gives it the sound of an old John Deere twin, sort of a popping note as it pulls the plow. That same muffler on a vertical shaft Briggs or some Wisconsin motors sounds almost as bad as open exhaust.
On my New Holland with an old vertical shaft Briggs motor, I ran a 1.5" pipe and a car muffler under the machine, its nearly silent but I no longer use that to cut grass, it's only job is to move my boat into the back yard, and I can do it without waking up the whole block at 1AM if I need to.