We modified a 'stock' muffler on a car using a welder, bits of scrap metal and steel wool! Opened it up like a patient..operated on it and welded it shut! Was so much fun..creating your own 'sound'. The steel wool acted like fibreglass packing does..not as good tho. It was a semi offset baffled muffler design in the end with perforations in it. Had a deep and loud sound, but got a tad raspy at the top end. Did 2 identical ones coz this was for a Ford 351.
Id say go for it mate..even if it doesnt sound the best..its your creation..just keep modding it till you get it like you want it.
Good thing to do is research different packing materials. I commonly see fibreglass being using in off the shelf mufflers..so that could be your best bet to follow suit..but if you wanna try something different..find out about other materials and there packing density. As I said, we used steel wool (like the stuff you use when washing your dishes

).