I think your question is subjective, but here are my 2 Mustangs.
My Cobra isn't stock at all. It has a cam, long tubes to 2-1/2 H-pipe, pair of glass packs to act as resonators, then a pair of Thrush chambered muffler (40 series knock-offs) and dumped at the axle. I think I'd still like to quiet it down a little more, but it's not too bad.
View: https://youtu.be/-rq9tJ4ANdc
And here's my 87 GT. It's completely stock with the exception of a pair of Summit brand chambered mufflers. It's a lot quieter than the Cobra, but it still has it's cats.
View: https://youtu.be/CWW_8jHMlYo
My plans for the GT, when I start actually doing something with it, will be a set of shorty headers, 2-1/2" X-pipe, a pair of Flowmaster Delta Flow 50 series mufflers, and full length tail pipes. I'm not sure exactly, but I think that may end up giving me about what I'm looking for as far as how it sounds and how loud (or quiet....) it will be.
So I guess it all depends on what your individual tastes are, but YouTube can be a good resource to use when shopping for the exhaust you'd like. Another resource is to use Flowmaster's sound chart if you like their sound. Then you'd have some sort of reference to have an idea of how loud vs how quiet a particular offering may be.