The not so good news is that going the route of replacing the hub 
doesn't make sense for us as we might/might not have another overhaul 
remaining on our current blades.  The prop is original and has three 
overhauls on it.  The shop took some measurements and it was close 
enough to minimums that they wouldn't know for sure unless the paint was 
stripped and measurements were taken with the prop off the plane.  If we 
do have one overhaul remaining, we'd be looking at just north of 4 AMUs 
for a new hub and an overhaul.  That's a ton of cash to sink into a prop 
with a pair of last run blades.  Another option would be a reseal vs. 
overhaul (along with a new hub)...but we'd still be paying approx. 1/2 
the price of a new 2-blade prop.
Next option, repetitive 100 hour inspections.  The inspection costs $300 
and it's $50-$60 in gas for a round trip to the shop.  By the time you 
eat two hours off the engine reserves (which is how we handle 
maintenance flights), this gets expensive over the long haul.  We're 
1000 hours from the recommended TBO from Hartzell (2000 hours or 72 
months...and we're at 96 months SPOH).  Another 1000 hours on the prop 
would mean $3500-$3600 down the drain for repetitive inspections and 
we'd still need a new prop someday.  Nah...at some point before the next 
overhaul, we need to consider a new prop.
Next (and most expensive up front) option, a new prop.  The quote from 
the shop for a McCauley 2-blade prop/hub/parts to use our existing 
spinner was 7.002 AMUs.  This is with trade-in on our current hub and 
blades but doesn't include installation.  I didn't get quotes on 
Hartzell props nor for a 3-blade McCauley.  While I like the looks of a 
3-blade, IMHO, the added up front cost and increased overhaul costs 
don't justify the performance benefits.  Plus, I've read from a few 
Arrow/Lance owners that while they get improved climb performance and 
less RPM limitations, they lose a few kts. in cruise.  Added weight is 
about 10 lbs for the McCauley so that's not a big deal.
So, now it's time for the partnership to ponder our options.  I'm 
betting that we decide on repetitive inspections and to up the per-hour 
costs a tad in order to stash some extra cash away for a new prop.  Our 
existing prop is in good shape so we should have a few years to save up.
As JayH said, it's always something :-)
If someone sees Santa, would you pass along that I'd like a new McCauley 
B2D34C213 prop (Piper part # 550-974)?
Merry Christmas all.  Here's to hoping Santa brings you some cool flying 
toys, maybe some good flying weather, or, perhaps sends the elves to fix 
the plane in the middle of the night.
-- 
Jack Allison
PP-ASEL-Instrument Airplane
"To become a Jedi knight, you must master a single force.  To become
a private pilot you must strive to master four of them"
  - Rod Machado
(Remove the obvious from address to reply via e-mail)
The 3-blade was about $1 AMU cheaper so that's what I did.
True airspeed is difficult to measure with precision.  I definitely am
not going any faster, but can still produce 175 mph alone aboard at 75%
best power, and as you say the climb performance is enhanced.  The
airplane is a little quieter.  You have to experiment with mounting a 3
blade prop on a 4 cylinder engine.  A 180 degree rotation helped reduce
vibration big time on mine.  You also get a little better ground
clearance.
All things being equal, I'd still go with 2 blades, but saving an AMU
tipped the balance and I've not been sorry.
At which point, you're committed to a) finding serviceable blades or b) 
buying a new prop.
> The 3-blade was about $1 AMU cheaper so that's what I did.
Interesting...an extra blade and it cost less...go figure.
> All things being equal, I'd still go with 2 blades, but saving an AMU
> tipped the balance and I've not been sorry.
> 
Yeah, can't blame you for saving an AMU.
Interesting Ron.  In researching this AD, talking to the prop shop and 
folks via various owner groups, it seems as though Hartzell sure is 
pissing a bunch of people off.  Our prop shop has a few customers for 
which this AD was the last straw...they said the heck with it, order me 
a McCauley prop.  If I had a spare 7 AMUs in the airplane fund, I'd 
likely do the same.
Heck, if my only data point was the interaction with folks at both 
Hartzell and McCauley at the AOPA expo, I'd go with McCauley.  The gal 
at the McCauley booth spent time answering my questions and looking up 
info. that wasn't readily available in the single sheet specs they have 
out.  The dude in the Hartzell booth pretty much handed me a business 
card saying call their customer service number. 
Bah...Hartzell,bad...McCauley, good.  :-)
(I have no association with them, just know they make props)
Good news for you is that you get to split everything by 3!! :-)
Merry Christmas
Jon Kraus
The sticker price of a 3-blade is enough to make me go the 2-blade 
route.  Re: 3-blade, Hartzell claims no loss of cruise speed, MT claims 
an increase...not sure about McCauley.  Even if I was interested in a 
3-blade, I'd have to see data.  Ah...but it's all a moot point.  :-)
Yes, divide by three rocks!  Now, all we need to figure out is how long 
to go with repetitive inspections and how much to start stashing away 
for a new prop.