I know this doesn't really help your situation, but if you are trying to reduce the fan even lower than the lowest setting, either to reduce noise or to reduce air flow (or both) it sounds to me like you got the wrong fan. If you need to move 100 CFM, you should get a fan that moves 100 CFM. If you get a fan that moves 150 CFM, you have the wrong fan. AT least in my opinion.
I'm not trying to be rude, although I know I sound like it, I'm sorry. I just think you should really try to get the right part first, then try to modify it. If you got the wrong part, there is your problem.
I've had alot of success with S&P's using duct mufflers, insulated duct work, diffusers, bungee cords, fat mat, packing foam, and insulation. That helps out with alot of the noise, both with air flow, and the hum of the fan. With S&P's, my experience has been that the majority of the noise you get is from airflow, not from the hum. Which you can mask and do everything you can to cover it up, but when it comes down to it, if you need to move 100 CFM through a 6" hole, no matter how much you modify it 100 CFM is still going through that 6" hole.
Just a thought though.