Re: Correct prop pitch
RPM does not cost you fuel -- "load does". The "amount" of throttle opening to achieve that rpm costs fuel. The heavier the load (weight or loading due to prop pitch) the more throttle is needed to achieve the same speed.
I'm not sure I agree with this. More prop might mean more throttle opening because of increased loading at a given RPM range, but not necessarily more fuel.
Think about it. Why do cars have overdrive. If you put more prop on your boat it is like overdrive in a car. A car has gears that help with acceleration and a boat doesn't, but once at cruise the analagy is exactly the same. More prop should result in better efficiency at the expense of acceleration.
A gas engine has a throttle. The throttle is used to restrict the amount of air allowed into the engine to control power output. This is actually a detriment to efficiency and adds to "Pumping Losses". An engine is like an air pump and very inefficient at small throttle openings because it expends a great deal of energy just trying to pull air in. This is perhaps another reason why Diesel Engines are more efficient, they don't have a throttle.
Decreasing the gear ratio (overdrive) or adding more prop pitch results in less RPM and requires greater throttle opening to produce more torque to achieve the same amount of net power. Technically the amount of air and fuel that it brings in will be less because again RPM is reduced and the engine is spending less energy pulling the air in. A gas engine is at it's most efficient when geared to achieve the largest possible throttle opening. Unfortunately this would put tremendous stresses on internal parts(crankshaft, bearings, con rods, etc.) and is why Engine Manufacturers give recommended minimum RPM at Wide Open Throttle. So there are reasonable limits to this theory.
I really believe that if you are an open water cruiser and are willing to give up some holeshot you will see better fuel economy with a larger pitch prop. Again think overdrive.