Probably three or four years ago there was a widely quoted study of
propeller drag. The finding basically said that a two blade
propeller locked in the vertical position had less drag than one permitted to spin. Under certain circumstances a three blad prop that was allowed to spin had less drag than one that was locked off. The test showed that as resistance was added to the shaft slowing it from the speed that it inherently wanted to turn, turbulance increased very quickly increasing drag meaning that the free-wheeling
propellor offered a lot more resistance. The test results showed that a three blade prop locked off in the ''Mickey Mouse'' position had less drag than one in any other position.
Some transmissions are totally unsuited to being allowed to freewheel because they use a engine driven power input shaft driven lube oil
pump. Most smaller transmissions do not have lube problems but you are increasing the wear on the output
shaft seal, internal bearings and bushing and seals, shaft stuffing box and cutless bearing, not to mention the annoying shake rattle and roll.
Respectfully,
Jeff