So it is really really important to understand something: that meter isn't reading the peak sound.
So I always want to give props to Steve. I mentioned this to him a few days back and he took the comments gracefully and (seemingly) to heart. Obviously not everyone would be thrilled to hear their expensive piece of test equipment isn't really suitable for doing what they want it to do. I suspect he'll continue to use the meter, however it is very important to understand that the decibel number it is showing you is only representative of the sound output in the broadest possible sense.
So Steve/AEAC uses an Extech 407730. If you look at the manual, you can see that unlike cheaper meters it actually lists its response time, and it has both a fast and a slow response time setting. (you can find the manual here:
http://www.extech.com/resources/407730_UM-en.pdf) The fast response time setting is 125 milliseconds, and the maximum frequency is 8khz. Both of these make it unsuitable for measuring impact sounds such as what comes out the end of our moderators. Let me illustrate why:
This is what the output trace from the sound of an airgun meter ACTUALLY looks like:
The above is a DonnyFL Sumo on a .22 caliber FX Crown running about 32 foot pounds. The X-axis delineations are each ONE millisecond, that is to say moving from one grid line to the next represents the passage of a single millisecond. So the entire measured trace represents just 12 miliseconds, one tenth the response time of that Extech meter. So, in short, it just can't possibly measure that peak, which occurs in well under one tenth of one millisecond.
Here we can see another trace. What you're trying to measure is highlighted in purple. What meters like this are actually measuring is highlighted in teal.
Basically the Extech meter's response time is over two orders of magnitude too slow to measure airgun moderator sound. Given that Extech usually makes pretty decent entry level test equipment, and that the meter has an optimization for fast response time, I'm guessing it is considerably better than most alternatives out there.
Now it is important to note that human perception is highly frequency weighted, and this varies from individual to individual, and is also highly time weighted. (a hammer blow on a nail is tolerable, however that sound played continuously would be physically debilitating) As a result, the Extech meter used here, and other unsuitable meters like it, may bear a casual resemblance to perceived loudness. It is not however a suitable way to differentiate between airgun moderators' performance. You'll note this probably also is why the differences between stock shroud and the three moderators all were almost negligible, well within what you'd expect the margin of error to be.
I hope that is a clear and helpful explanation of the issues surrounding the measurement of sounds like this with inexpensive (relatively) sound meters. Systems which are actually capable of taking measurements like this are fairly specialized and expensive for a reason unfortunately. Anyway I hope that helps.