3 blader
If sized correctly(pitch and diameter), you will see better bite-especially at the low end of the speed range, and in big waves. Top speed in flat water should not change much, and may even go down.
You WILL see a noticeable loss of sailing performance, though, and on a smallish boat like the 29, it is a significant percent of your total speed. This is partly due to the extra area of the 3rd blade and also due to the fact that you cannot "set" it for minimum drag.
A normal 2 blade fixed prop can be rotated to the vertical position for sailing (you will have to mark your shaft with the prop in position), and the engine put in reverese gear when sailing-this will reduce drag almost as much a a folding prop(but not quite). This is something few cruisers do, but makes a large difference in speed-especially in lighter air. I would prefer a well sized 2 blader!
Also, the 3 blader will probably not help the "walking" in reverse you often experience. The way to deal with this so you can maneuver in reverse is to get some speed going in reverse while out in an open area, then put the engine into neutral and you will be able to steer accurately while going backwards. The "walk" will only happen when in reverse gear. You can use shots of foward gear to slow down, and in this way maneuver safely in reverse if your boat "walk" in reverse.
Enjoy!