Uhm.... I think so.
My father taught a small engine course in the 80's, I recall an air cooled English engine in the class that I'm sure was a Petter of this type. It had the same Pepper can exhaust and was loud but no more than the screaming flat heads the other people brought to class to learn how to fix....
Not much to go on I know, but I remember it clearly because the owner couldn't get rings and they ended up making a set from some other engine quite a lot of work went in to it....
Doug
Don't let the noise scare you off, everything is noisy. Be creative and you can hush and muffle almost anything.