Just a simple slide will work fine. Butterflies are not as effective, in my opinion as then tend to create more of a nozzle effect instead of blocking the exhaust volume.
tinspark, I like that idea. I thought about welding a nut on the inside with two braces and then welding a bolt to the 4" stainless cap and have it tighten and loosen for an up and down air flow design. I stole the idea off of youtube. how to make a bbq damper.