bottom line?
Bob, the bottom line is yours, as it is your boat and your wallet spending the money.I do not think the soot is a issue,the engine will still run in the correct operating range of rpm if you have the boat,engine and prop matched correctly. This is best done by a good prop shop.As far as the lower engine speed I said it would be SLIGHTLY lower maybe only 100 to 150 rpms but still with in operating rpm range if the prop matches the boat and engine, and if so you will have no more "soot" then you have now,if any at all, You should not have any soot to speak of now or it is indication that there is something else going on. I used to run my engine at 2900 to 3000 rpm at cruise speed and was able to lower it to 2800 to 2900 with the new prop only a slight reduction but still with in the manufactures spec for operating the engine and still have plently of "extra" if and when needed.As far a "extra drag" there is no argument the the three blade has more the two but the fixed two blade has more the a folding/feathering blade so not sure if it is a fair comparison, Check the web site for Michigan props and Cambell prop there are detailed graph with drag info.I just don't see a big big deal about the extra drag unless you are racing and then a true racer would not have any prop at all because all props have some drag.Based on you plan to run the ICW you (IMO) would do well with the three blade prop (provided it is matched). To be more specific to you concerns, as far as increased engine wear there should be none,no soot,some,not lots of extra power/thrust and any prop pull you have know will be the same if not a slight increase. I also noticed less vibration and everthing was smoother,I was on a freinds boat with the exact same engine and trans as mine except he had a three blade fixed vs my two blade fixed and there is a big difference in vibration and smothness,I changed mine to a three blade fixed and got he same results.As far as drag under sail I did not notice enough as to make much differnce,just my observation, You won't get a argument about a folding prop has less drag then a fixed blade prop but the diffence is price (about $2000) so the bottom line is you and what you want to spend and what you need for performance. I will caution that no matter what you do a prop will not change you engine power and a 14 hp is still a 14 hp just no getting around that ! You should spend some time talking with a good prop shop and run some numbers with them for you personal situation for best results. Good Luck !