I didn't pull a bow back with an arrow (only a nock) but I think an arrow on the rest would make as much noise (maybe why some don't hear it) and my hands on the grip as much. I don't see why a thin layer of some soundeadening material wouldn't stop the noise. Liquid electrical tape maybe. I doubt you'll hear it over your own heart when the time comes.

You know what this is though. The 06 model will solve this little problem and be worth at least another hundred bucks more.