I just put Balo disks and Textar pads on my 300E. Zero squeak and they feel like MBZ brakes should. I love the feel of stock MBZ brakes, I hate squeak, and the dust doesn't bother me.
If you want to reduce the dust, you might find that you trade that for a "grabbier" feel and more potential for squeak.
If you have 15 hole wheels I know why the dust is an issue. I put 8 hole wheels on and it made all the difference in the world.
Experience is something you don't get until just after you need it.