Ray,
I have measured static propellor thrust or bollard pull as it is sometimes known, using a digital fishermans scale. The scale I use is a Berkley unit that measures up to 15 lb/7kg and typical thrust for a range of models is from 500 g up to about 3 kg.
Normally I tether the boat to the scale using about 1 metre of line, usually with the scale attached to a suitable point on the pond bank with the hook overhanging the edge as shown in the picture below.

As Ashley says, static thrust does not necessarily give the whole story on propulsion performance but it is a repeatable, measurable number that helps build up understanding of what is going on. For a tug, where low speed pulling perormance is important, the static bollard pull is a very good indication of the model's performance. For a high speed planing model or racing boat it's less easy to relate static thrust to the real running cases (believe me I have been there, debating the installed, in flight performance of an aircraft engine compared with the static thrust on the test bed). However it is a useful parameter to measure and it helps to understand the effect of changing propeller type or size and trying to estimate the optimum propulsion system performance and efficiency. How you then relate that to a full size boat I have no idea and have never tried to do it, but give it a go and let us know how you get on.
Gareth
Edited By Gareth Jones on 17/09/2014 12:22:51