Here's what I did for a while to get that exact sound:
Resonant: Aquarian standard bassdrum reso head, with 4" hole. I ordered the Regulator, but they didn't send it so I duplicated the Regulator's muffling on this head with gaffer tape and bits of foam.
Batter head: Aquarian Force I, with some cloth inserted in the dampening ring and gaffer taped into place.
Resonant head was tuned as low as possible, only barely above finger tight.
Batter head was tuned as low as possible, but high enough that it didn't sound flat, but started filling out the sound without losing any punch. I had unanimous praise from every sound engineer who mic'd up my kit while I had my bassdrum tuned this way.
I use no extra muffling inside the kick drum - no pillows or towels or anything. Only the heads themselves have any muffling.
I've just put on an Aquarian Super Kick II, which is two-ply as opposed to single ply, and the muffling ring is glued on. It's a bit punchier, I haven't played around with it in a venue or mic'd up though, so I don't know how the sound compares.