Brian,
I'm afraid you're opening up a hornets nest where there will be such widely diverging opinions, no one will know what is the right choice. I will start with your second question about the heat baffle for the muffler first. No, I haven't used that particular item but yes, we have used that principle for many years out here. There is some improvement but there is so much more to be done that you wonder if it's worth the effort. Example: The left exhaust manifold and exhaust pipe is about 2" from that rubber piece around the steering column. That is a horrible source of heat transfer into the cockpit. Second example: I'm constantly burning my right leg on the gear selector lever. What can be done about that? You see, it just goes on and on. My opinion is that this is like bringing ice cubes to a camp fire to keep cool.
Main issue: Resonators. There will be varied opinions on this too. Exhaust sound is very subjectve. The only thing that sounds good and "right" to me on a 312 is a stock carbon steel system with resonators. I have one car with carbon mufflers and resonators using stainless pipes. After driving that car for an hour, the difference in the coefficient of thermal expansion between the carbon steel and the stainless steel must be great enough to cause exhaust leaks at the joints. Big mistake. Wish I hadn't done that. A 312 without resonators will sound raspy and will bark back on down hill deceleration. It is not considered a viable option here where we have a lot of hilly terrain.
Stainless mufflers are usually made from thinner gage material to facilitate fabrication. They are accepted in CTCI Concours but sound crappy. Not as bad as a Chevy 350, but still nothing near "purty".
Final analysis--- Complete carbon systems sound the most authentic and sound nicest. BUT-- they do have the shortest life. I have two cars with complete carbon systems that are 10+ years old. Still no rot or perforation.
The stainless system will probably last anyone a lifetime.
To me, old cars appeal to at least four of the five senses. Sound is one of the senses that I like to satisfy.
Tom D.