Last June I flew to Reno-Stead to oversee a modification to the propeller on Bob Bryson's Son of Galloping Goat, now Ghost, biplane. This modification consisted of cutting the leading edge in a smooth, calculated curve from 27" radius to a point at the tip trailing-edge at 37" radius. This sweep decreased the flow velocity over the airfoil in this section to M0.775, substantially decreasing the drag. As a result, the speed of this modified Pitts had the qualifying speed increase over 10 mph from 2008 to 2009. This was a 5% increase in speed, meaning a 15% increase in thrust, 10% of which was from increased efficiency and 5% from the increased HP due to the additional speed. Bob then did the modification to a similar prop he has on his RV-6 and he said he got a very good increase in ROC and speed.
George Andre did a similar mod to a prop on his Zipper biplane and saw a 5 mph qualifying speed increase from 2009 to this year. I designed this mod for his normal race prop, but some last-minute considerations caused him to do a somewhat similar mod on a different planform prop he had, but it still did the job. I previously modified a spare old two-blade Great American prop for my plane which increased its performance, and Bob Rowan modified the prop on his Q-200 and also got a speed and climb increase.
If your prop has any chord at the tip, the wider it is, the less efficient it is!