Thanks for the info on the wake with FAE, that makes me feel less concerned if I end up going that route.
I spent the today on the water. It may be my imagination but I think there's a little less rumble and vibration at idle. This is plausible as the baffle could break up large bubbles into smaller bubbles. Noise at idle is of course not an issue with the exhaust under water.
The first time accelerating there was a very noticeable decrease in exhaust volume. It's still loud, but also more mellow and not as harsh. The admiral immediately commented that it's much quieter. I'd imagine the noise will not carry as far or be as loud on shore or riding behind the boat, though I did not ride today. I don't have a measurement without baffles to compare to, but at 22 MPH I see 84-86 dB in the drivers seat. The same or slightly more up to nearly 3000 RPM. For comparison on the way to the ramp I take the highway. Towing at 65 MPH with windows down I see ~88 dB in my truck, and 91-92 dB from tire noise as cars pass.
Above 3000 RPM it was over 90 dB and getting louder as I accelerated, unacceptable to me. I did not think to do a WOT pull and check noise at max RPM, or if the Hardin Marine tips affected top speed or RPM. I'd imagine not with my wee little PCM 454 with factory 330 HP and probably not over 350 HP with the minor improvements I've made.
Being as in my typical use at 22 MPH and cruising under 30 MPH the noise is comparable or slightly less than driving my truck this is acceptable, but only barely. I'd imagine most folks would call it good enough. I'd like it quieter though. Given it's marginally acceptable I'm not going to cut the floor and install ski boat mufflers mid-season, but I may this winter. In the quest for a quieter exhaust I just ordered a pair of Gibson clamp on mufflers (https://gibsonperformance.com/i-2295...on-310001.html) to put on the tips behind the baffles. They don't show the internal construction or advertise a dB reduction, but they're short at 6.75" and might subdue the exhaust just enough. From the pictures it looks like a reverse louver that will splash some water around with the exhaust gas and make turbulence to muffle it. Worth a shot, hopefully they don't fall off. I'll measure dB in the driveway as well as on the water for comparison.