The deer excuse doesn't work for me either.
A. You are coming toward them, and the sound is projected out the back of the bike, away from them, so all it's going to do is make them stop munching grass and look up sooner.
B. If you are sane, you'll be on the brakes when you see the deer, not the throttle, meaning the sound will be much lower anyway.
C. I have really loud exhaust right now (I'm working on it), and 4 of the 8 deer I saw last weekend ran in front of me (to be fare, 2 were not near me though, so it's more like 4 of 6). The last one didn't really run across the road, more like pranced. As I was passing it, I beeped the horn to get it to hurry up a little.
My buddy has those deer whistles on his bike. One of these days I'll take him with me, and let him lead. Then I'll see if they run from him.