The pro of reducing pitch a bit is that you'll be able to turn up manufacturer rated RPM and avoid potential of the overloading the engines. Over propping could potentially result in overheating at high RPM. You'll gain a few knots of speed above 2400 RPM or so as your engines will be able to develop a bit more HP and RPM.
Whether the change reduces your gpm at lower rpm is something you'd have to check carefully....not easy to do in practice. In theory, if you want to run at moderate RPM, say 1500 to 1800 as an example, and not run at higher RPM's and speed, you'll get a bit more prop load at modest RPM and MAYBE a bit better fuel efficiency. The tendency is to kep your engines a bit more loaded and hence better maintain full operating temperature. But if your hull is not in a good spot at this RPM and speed all bets may be off.
In my own case with a 1972 48 YF with 8V71TI's, I was able to turn up only 2140 RPM's instead of the recommended 2300 all during my 11 year ownership...likely due to do boat weight. When new, Hatteras clocked her at about 22.3 knots WOT, presumably 2300 RPM. After engine refurburshment, I clocked 20.2 knots at 2140 RPM....and ten years later at sea trial for my sale last May, she still turned about the same 2140 RPM...we did not check speed over ground. I ran 95% of the time at about 1500 to 1700 RPM so a little extra speed at top RPM was of no interest to me; my turbo exhaust tempt at 1500 RPM was at the low end of appropriate operating temperature...around 500 degrees...so I did not want to do anything to lower operating temperature.....
My mechanic told me thermostats of 160, 170 and 180 are all ok. I used 170 degree thermostats to stay in the middle of that range.....and if you wanted to boost operating temp slightly you could always use 170's instead of typical 160's that might be in your engines. ....
I do not recall ever reading here if higher temp thermostats increase or decrease (in theory) fuel efficiency....in practice, it's likely barely detectable if at all...
If you decide to remove picth, get advice from the prop shop....likely they'll tell you to remove one or two inches pitch. That's just a guess on my part.