The results: The new muffler is a little bit more quiet and has a mellower tone than the PT muffler. It's about the same size as the PT muffler. I had expected it to be considerably larger and quieter.
I haven't noticed any difference in the power, and the backfiring hasn't changed. The location of the new muffler seems to be less protected than the factory one, as it's collected several dents in the heat shield since the photos were taken. This may also be due to the fact that the heat shield is thin sheet metal, rather than the heavy-wall material of the original muffler.
If I were going to try again, I would try to fabricate a system with fewer bends, and find a small automotive muffler with 2 to 3 times the internal volume. If I knew a motorcycle exhaust fabricator, I'd get an equal length header with fairly long primaries to try to improve low-end torque. As it is, if and when the muffler needs replacing, I'll probably retain the current manifold and work up something with a car muffler.
In summary, I'm not terribly displeased with the results, but it probably wasn't worth the cost and effort.
Gravy