Cheap resonated tip that works if your muffler is wrecked.
 

For those of us who may have a muffler who's body is rusted out and separated from the exhaust but the exhaust itself is ok, I found an economical solution. I got ahold of an exhaust tip w/a resonator built in. Part number is EX-1012. It will fit a pipe 1.5-2" in diameter and does a decent job in knocking down the sound compared to having no muffler at all. A hanger can be easily make out of some exhaust strapping and hung from the stock location using the original bolt.

Performance wise, I never had my muffler gutted, but I have seen no loss in low in torque, it actually pulls harder and gets to 30 MPH noticeable quicker and revs a bit better. I have no good place to do a top speed run but I hit 33 on the same run it took me to get 30. I'm running a 120 jet (stock was 114) and after a 15 minute run, I read the plug and saw I need to re-jet, so there's may be a bit let to be gained. I have a set of jets so I'll try a 125 or 130 and read it again later. Cost for the tip at your local auto parts store is <$20 w/store promo codes.

I don't have a welder and, based on some extensive rust and loss of material at the original weld site from pipe to muffler, I doubt it could have been saved as it was. For my ASW 6150, when I removed the old muffer, there's was silencer of sorts welded on to the end of the exhaust already. I could drill more holes into, though this would lower backpressure to a point it may be counter productive. As such, I did not modify anything to the stock pipe, just slipped on the tip and tightened it on.

Maybe this'll help someone who's running w/o a muffler or a muffler that's falling apart, has a good pipe, doesn't want to spend 50-100 for an OEM replacement or >100 on an aftermarket and wants to knock the volume down while still getting a performance boost. Plus, you can run right out into town and get it. Probably not worth it if you have a good muffler and just want to gut it though for performance as that'd cost nothing. Hope this helps someone.