I've obsessed over the same concept myself, primarily for taking the"edge" off of the bigger rifles, such as .300 RUM and up. I own a few rifle cans, but I can honestly say that muzzle brakes do a better job of compensating than suppressors.
I think one can be designed to do both. Sound Technologies has a can called the black star, IIRC that can be modified to (further)reduce recoil for $150 extra. He offers no pictures, diagrams, or information on how it's done, however.
If I had the means to experiment, I'd add 2 extra baffles to an existing stack, make the appropriate length tube, and port the area of the last baffle or two. Bear in mind that the velocity of the gas is reduced with each baffle, so what comes out of the port should be subsonic gas. It would be louder at the user end, but be quieter at the target end. I have never seen this done, but I think it'd be worth a try.
BTW I'm no expert in fluid dynamics, and this opinion is worth what you paid for it!
Dan