I've done multiple header pipes in high temp satin black with excellent results. That powder is good to 1000 degrees but preparation is key to the success. I had to carefully clean them, then blast with virgin media to prevent forcing any grease or oil into the metal's pores. From that point on, the rest of the job was easy.
Standard powder is an option with mufflers as long as they don't exceed the powder cure temperature of approx. 375 degrees F. The hottest spot on the muffler will be where it bolts onto the header pipe and from there it gets cooler. (check with an IR gun when the bike is good and hot) I used the high temp powder on the collector unit of my VF1000F and black chrome on the cans here:

With approx. 100 miles on them so far, they still look as good as the day I bolted them on. Only time will tell for sure, but I intend to get them good and hot so that I can life-test the integrity of the finish. Be forewarned that many shops might be willing to PC your mufflers, but they might not be willing to guarantee longevity of the finish.