Glenn,
Your chemistry is better than mine! I believe your analysis is probably correct. But from a strictly visual observation, I'd guess the volume of gasses exiting from the two cars (both exhausts considered... the 280SL has 2 tailpipes too) is more like a 5 to 1 ratio. (and maybe that's off... it just looks like that) It's just interesting to see the difference, and to learn about the contributing factors. I've learned that both modern digital engine management and catalytic converters are contributing to the difference.
My bet is that the engine management system makes the biggest difference at idle. I'm guessing it senses the low demand on the engine, reduces the incoming air (and fuel) to some minimum requirement, which therefore results in a much smaller amount of exhaust. The 280Sl, with no such engine management system or converter, is purely volumetric... that whatever volume the pistons displace is the volume of air processed and exhausted. I'd guess too, to that at full throttle, the difference between the two cars might be way less... but that's just a guess.
Appreciate everyone's input...