Paperwork, paperwork, paperwork. I'm not sure how long the Navion my boss stuffed a TSIO520 into was in experimental, suffice to say it was many years. It was eventually returned to normal category with the 520 still installed. Paperwork....................................
There are 8 special airworthiness certificates under the Experimental category. 2 don't apply at all: experimental-amateur built/LSA and UAS's. The remaining 6 are highly restrictive in their oplims and would severely restrict normal flying assuming you could get it placed into one of those to begin with. Contact your local FSDO for the details.
The common E-AB category... experimental-amateur built, isn't an option for a certificated airplane. The other experimental categories are too restrictive to be practical.
Composite props will do that. You can try to protect it with propguard tape bu it only lasts about 1 flight in rain before it degrades to the point of needing to be replaced. It also doesn't shape well on rounded prop tips.
What plane? What other props are options for a certified plane? Do they have to be matched for the plane or can they be matched to the motor?
If you really want to go experimental, sell the Liberty and buy an RV. My guess is you'll be glad you did. Still two seater, but does a whole lot more.