A product called Prop Speed has been used in Atlantic Highlands, NJ for the past year or so with excellent results. It forms a slick surface that marine growth cannot adhere to. Cleaning the prop in the water (if there is growth) involves just wiping it with a rag. The coating is somewhat fragile, so care must be taken in cleaning.
A local service offers application for $100 and many have signed up, but the expensive kit (at $350) can do over 10 sailboat props for DIY-ers and so is great for a group effort. Last night 3 of us spent 1.5 hours applying it to our boats. I highly recommend it.
