I can't add anything to the noise issue, but I did post some information here about shooting without a peep a while back. I haven't used a peep in years and would never go back.
There's a few things you can do to rid yourself of a peep and still shoot exceptionally well. I don't use a No Peep either, but I have heard from those in the know that they are a good product.
This link should take you there... scroll down, there are some pics on a couple pages too...
http://forum.hunting.net/asppg/tm.as...y=%F2%AF%AF%96