Dave,
Welcome to Victory ownership. All the six speed trans. are noisy except 5th gear. I have a new Vision and thier all the same. I did talk with a guy who has had 2 victorys and put over 150,000 on them and he told me to put some Lucas Oil "Synthetic Oil Stabilizer" in and it would quite down. He said that he uses it in his two Victorys with no problems. I checked it out and Lucas oil does say that it is safe for wet clutch motorcycles at a 10% mix. I gave it a try and removed 16 oz. or the oil and replaced it with 16 oz of the Synthetic Oil Stabilizer and by gosh it works. I would say that it got rid of 40 to 50% of the trans noise. Also made trans shift easier. Have had others tell me that Amsoil synthetic oil will do the same thing. I figure if this guy has used it for 150,000 miles with no problems it must be ok.
I tried this (not knowing why - as I am not a believer of oil additives.. or full synthetic marketing hype.) and swapped 16 oz of oil with 16 oz of Lucas syn oil stabilizer.. yes it was quieter, shifting was smoother when riding normally but for the first time in my 14 years of riding bikes, I experienced a clutch slip yesterday.. (a true revelation for those reading clutch slip horror stories, arguments against vic oil and oil-virgin-questions... there was light from the sky type revelations)...Anyway, was riding hard, shifting from first to second and getting the normal feedback of CLICK, but nothing... rpm shot to 4000 and gear slipped out of second back into nuetral.... I pulled over, turned the bike off and gave myself a high five for the proof... turned the bike back on, rode it like I stole it again and same thing happened....slipped out of second back to N...YES... DEBATE ENDS HERE!!!!!
Ran home.. drained the oil and put new vic (that oil kits was for a major trip coming up..

) and went back to see if I could reproduce the slip problem... nothing.. yes, trans was churning like a train (pre-oil additive normal noise), but no slip....nadda.... I am now a believer of sticking with Vic oil...... with a warranty in your pocket and oil change at interval, I could care less how loud it sounds....
my 2 cents!cheers