Sensenich have a similar 'overhaul' period with their fixed pitch propeller as McCauley. It is a manufacturers Service Bulletin and therefore not mandatory.
Sensenich SB:
http://www.sensenich.com/service_r17.htm
If your aircraft is maintained to LAMS or LAMP then the owner and engineer should decide whether a specific SB has to be complied with to ensure the continued safe operation and reliability of the aircraft.
If it is called up in the aircraft Service Manual then it has to be complied with (as with anything when on LAMS or LAMP, you have to abide by the SM as well as the schedule). On a PA28 the SM prop life is 2000 hours and no calendar time IIRC - as per the Sensenich SB.
Unfortuantely, many engineers have spent check after check attacking the blade leading edges with a file, then they misinterpret the legal requirements and start sending FP props away every Annual and most of them fail because of the blade dimensions! If they weren't quite so harsh on the props in the first place they would be fine.
Remember though, that a new prop will give a noticeable performance gain over a knackered old one. Personally, I'd spend the overhaul costs on a new prop when it really needs doing, you never get the same improvement with an 'overhaul'.