We just went back in the water after a haulout at Townsend Bay Marine in Port Townsend. I took the advice of many on this forum and reduced pitch by 2" on our 44" wheel. I had been fine with a bit of over propping, since we run at around 1/3 of available horsepower most of the time. My thought was that if you run at low power settings, the likelihood of experiencing any adverse effects from over propping are going to be pretty minimal, and I still believe that is correct.
However, I can report my run back from P.T. today was very encouraging and validated the idea that it is not a bad idea to avoid over propping. My results were the expected increase in max rpm from reducing pitch from 1925 of 2200 to 2075. Still a bit light, but close enough for now. EGT at max rpm, however, declined by 125 degrees, and this can only be good. The sweet spot for cruising (from feel) went from 1350 to 1475 rpm, yet fuel economy at the increased rpm is about the same per knot as it was with the more aggressive pitch at a lower rpm, so I don't think economy changed. I'll know more once I collect more comparative data, but for now, I am a converted over pitcher to a reformed right pitcher. The engine just seems "happier".