Hi Chris,
It is well documented that a multi blade prop loosed efficiency with each blade added.
When I used to race pylon planes back 15-20 years ago, the top guys in the fastest classes all used 1 bladed props. Why? because it was much more efficient. This is in part due to the blades interfering with the "bite" of the next blade as it passes through a disturbed medium from the previous blade.
The single blade got a clean bite no matter where it was in the revolution.
The more blades you have stirring up the medium, the less they have to grab. There is also the frontal area of the prop. In theory, the prop is a solid disk when spinning.
The more blades it has, the more "real" this frontal area actually is.
Now I am not suggesting that you go out and rig yourself up a one bladed prop for sprint racing. Heck, the thing would walk like crazy. Each time that blade hit the water the back of the boat would probably move over an inch or more.
Look at the post by Larry. It pretty well explains efficiency. It is a balance of factors, not just one simple part of it. A good racer will have several different props for the same boat.
One might be for rough water where the driver knows that the prop will be getting a lot of air. You can go up in pitch and diameter because the prop will be spending less time in the water. It is more efficient in this configuration.
The others will be for different conditions like smooth water, SAW runs, etc.
Efficiency = the highest RPM + the least heat + the least prop slip + the lowest resistance on the hull from air and water.
Peter R.
www.climatemodels.com