Are you absolutely certain your flywheels are tight, with particular respect to the width of the key compared to the keyway? I have had a key come loose, and it initially manifested itself as a louder than normal knock at reduced RPM... This knock was the flywheel rocking back and forth on the crank, or perhaps more correctly put, the crankshaft turning and slamming into the keyway slop inside the flywheel hub, during the deceleration/acceleration of compression/ignition. The torque pulses are larger/more severe at reduced RPM, so if you have a weakness in the key, it will find it...
If this is a 6/1, I do not really think you are going to get all that much actual noise reduction in just 200 RPM. Most of what you do get will probably be in pumping noise. You could probably match the noise reduction at rated RPM with a set-in-place enclosure over the engine, and larger mufflers on intake and exhaust...
I personally don't see reducing RPM below rated being all that advantageous especially when you consider the possible effects of reduced oiling caused by the lower crank/dipper velocity. It is not like you can just run down to the corner roid store and get another when this one fails...