Most people seem to go for 3-bladers because they think that they look better.
In most cases there is only about a 1 inch diameter reduction.
Going to smaller diameter and higher solidity will give less noise, reduced static thrust and improved cruise thrust, all else being equal.
The noise reduction is due to a lower tip mach number for a given RPM and an increase in the blade passing frequency; and the thrust reduction is due to the propeller having to move a smaller amount of air at a higher velocity to achieve that thrust. This requires more work input to produce the same momentum reaction (propulsive efficiency).
It will also cost about £1000 more, be heavier, and almost impossible to hand swing.