Keith, It was decades ago that I used the lead loaded foam. I thought it was moderately pricey but it has terrific performance so the price/performance ratio is really good.
The lead is captured in the foam plastic. I suppose if you cut it with a circular saw the dust could be bad but it cuts with a sharp knife too. I'd consider using some of the aluminum coated cloth or similar to protect the foam from the underhood environment. We didn't but after the project shipped I lost track of it and don't know how it held up over the years.
A friend of mine who lived on his twin diesel yacht a few boats down the dock from me when I lived on my sailboat had the wall between the engine room and his stateroom covered with it. It came that way when he bought the boat used so I have no A-B comparison data but from the engineering specs and my general acoustics background I'd say it would have made a very noticeable difference.
Remember, If you can see the muffler, you are going to hear it quite well. Mufflers do directly transmit a fair amount of sound right out through their sides and ends.
A HD steel box built around your current muffler and filled with sand between the box and muffler will deaden the mufflers sound transmission by quite a fair margin. Directing your original mufflers output pipe away from you and away from any reflecting surfaces will help a lot too. These two things may do as much as adding sound proofing under the hood and or a second muffler, not to be necessarily done instead but at least in addition to if not instead.
Finding lead loaded foam??? I'd Google.
I Googled on lead loaded foam and got -->
Soundproofing & Noise Control Materiels Prices
BARRIER: "Super Soundproofing Silencer (MLV) Mass Loaded Vinyl", "Limpid Mass Barrier", a heavy-duty wear resistant "mass loaded" vinyl mat with a foam ...
Soundproofing & Noise Control Materiels Prices - 74k - Cached - Similar pages -
Never underestimate the power of Google!!!
Pat