An interesting thought BJ -
obviously with a 2 blade SURFACE PIERCING prop, which is running with the water level exactly at the hub, one blade's action will cancel the other blade's (or equal it) ie as one enters the water the other leaves it. All nice and straightforward
But what about the 3 blade! During a 180 deg rotation, 2 blades will be in the water and 1 blade out. During the other 180 degrees there will be 1 blade in and 2 out. This will equalise. But what if you, as you suggest, time your engine so the the power stroke (180 deg) coincides with the 180 deg in which 2 blades are in the water? Even given the inertia of the flywheel (which on modern engines is becoming more like a belt pulley) you would still be delivering the most power when it will be most effective.
The simplified sketch where the blades are represented as lines 1, 2 and 3 actually show very little without an explanation which would take me too long to write, but can be used to give an idea of when the blades are 'working'. If you were to set the blades so that, when the engine is just leaving TDC, blade 1 is just entering the water ....
You can follow the track -
I shall set my boat up like this for this weekends race. If I win, your theory will be proven
Danny
(cue for Dicky to come in with "don't hold your breath" or some such witticism)