I would think removing the unused prop would very considerably reduce detrimental drag on that side but maneuvering safely could still be quite a chore since on most I/B's the props are more widely separated than say T/O/B's. However, I have not tried it with 1 prop removed.
A few other considerations:
Will you be removing the transmission too ? Even if you leave the tranny in, a free-wheeling prop could conceivably cause problems on a transmission held on by just 2 aft motor mounts and only blocked forward. There could potentially be even bigger problems if steering difficulty resulted in the dead prop grounding or fetching up a mooring line or similar and getting yanked.
Hopefully you have plenty of experience maneuvering your boat in close quarters with one engine off and are comfy with that, as I expect you are. My T/I/B boat is just 27'and the gas engine small rudders and props make for voluminous stomach acid production attempting that in tight channels and through mooring fields and backing on serpentine track into my slip behind a tee and inboard of 2 spiles. That is with the dead engine in place... But prop on.) Unfortunately, at various times over the years, I have had to travel short and long distances with one engine down in up to 40 kt winds in open water with big seas and into tight rocky channels and crowded harbors and if I never have to do any of that again that would be pretty fine with me. However, if you feel you need to , deploying down only the trim tab on the running engine side can help balance steering a little .
Keep in mind , you have to build up STW with that 1 usable prop far to one side of the centerline before the boat will respond to water pressure on the rudders. Just beginning to move in forward gear, the boat will always steer way to the opposite side of the running engine (no matter the rudder angle) until sufficient STW is attained.
You can block the exhaust hoses ( I do that with large PVC pipe caps hose clamped inside the hoses when replacing elbow/risers), but... if... the transmission is removed, and unless you have more than one strut on each side , it may be difficult to secure the propshaft in good enough alignment to prevent the packing gland or particularly any dripless seal from leaking badly if moving the boat in the water.
This begs the question, why not play it safe and keep the boat hauled until the job is done?