Dale, I dug this up with a search today. My thoughts are simple about exhaust, make it as large as possible after the headers. Any restriction costs power potential.
You asked about reasonable sounding mufflers. I found the Cherry Bomb Vortex again recently, this time there are lots of you tube clips to listen to. I chose an Edelbrock muffler before for my SOHC, the Vortex had no sound clips to hear then. It is quieter than most I think, which is my highest priority for a muffler. I bought one at first, but both now from Summit, for about $96 each.
The key is PCM tuning, the stock tune will not like any large flow increases, which is where all "power losses" come from. Opening up the exhaust leans the mixture, the engine needs more gas, both for power and economy.
The stock PCM programs and small exhausts reduce airflow, which also requires less fuel, which the factory wants. If your goal is maximum power, than any flow restriction will reduce fuel needs, which means less power, at all rpm's. If you open the exhaust, and increase the fuel with the PCM, you will get more power at every rpm that achieves greater airflow(plus fuel to match).
I did not learn this fully until last Summer, on the SBFtech site, where they hash out myths like this. If you are serious about potential, start with the headers, and plan on making PCM programs to compensate for the extra airflow as you proceed. If you don't PCM tune with the exhaust, then do expect lean condition power losses.
Due to several reasons, I'm still months away with my 347 swap. I do have an exhaust plan though, for this normally aspirated V8. I'll custom build the exhaust from back to front which will take time. I will retune the PCM at each step. Behind the headers, I'll make 3" cat pipes, split where they are close under the right seat. Splitting them into pairs of 2.5" pipes, they'll go back into a pair of mufflers with twin 2.5" inlets, and one 3" outlet each. That is a lot of airflow potential, very low restriction, and PCM tuned properly it will gain rpm's faster than a smaller exhaust. The goal is rpm acceleration, not dyno HP or seat of the pants feel. A track is the only place to test it, by a timer. Regards,