I believe the 3 blade prop is a larger pitch that would be suited better to a light load. I know one of the two props is a higher pitch than the other. Someone please correct me if I have that backwards.
Most likely not much to report on performance since its only 3 hp and you are not changing pitch that much. However the 3 bladed prop is likely to over wind on a light boat or canoe. The 2 bladed prop came out to help from over revving. If you are looking for performance I believe a 4hp powerhead fits in the place of the 3hp.
Well, I have often wondered about the same thing. Tried the two different props on my 58 Lightwin, didn’t seem to make much difference.
There were two different 3 blade props used on these engines, the one from the 50s has less pitch than the one introduced in 69 for the 4hp.
Funny, I thought I remembered the later 4hp prop being closer in pitch to the two blade, although just a little bit less. Will have to look.