If the problem noise is exhaust, then you could try adding a silencer into the exhaust system, assuming you're not doing water injection.
If the problem noise is mechanical - then sound deadening around the engine is pretty much your only hope. There are various sound deadening products out there - I don't have personal experience of any - which you could line the engine compartment with. Just be aware that, being an air-cooled engine, you will need to make sure that you can get a good supply of cold fresh air into the engine compartment still, which may affect your chances of killing the noise.