Stephan:
My exhaust system rattles like hell whenever it's cold, and the noise is coming from the slide-tubes (those tubes that go across the back before they enter the collector and have to slide back and forth a little bit as the engine heats and cools.
I hesitate to put clamps on them, as they're supposed to move a little, so I just live with the rattle (it usually goes away when hot). It has a melodic note to it - not just a rattle, but a faint ringing with it.
Sound like what you've got? If you want to play around, get a pair of those brown work gloves and pull them on, then pull on a pair of leather work gloves over them and then, with the engine running, carefully (don't get caught in anything moving) grab the intersection of the slide tubes and hold them fast. If that's the problem, the rattle should go away. If not, it's elsewhere (but you'll now have a pair of heat-polished leather gloves).
gn