We design prop guards at work and unfortunatly they do reduce your speed alot, probably upto a third less speed!!.
They are mainly used by diving groups how have people in the water with the boats.
They are an alternative to jet drives and maybe better in some ways as they are very easy to put on and take off. Lots of people put them on when they need to and take them off when they dont.
It depends on how much loss of speed you can put up with.