I do not think that the compression strength perpendicular to the grain of i.e. beechwood is high enough to resist the load needed to avoid slippage in a 50cc engine or above. That is, on the small diameter prop drive disks that we use. One solution would be to increase disk diameter, but that would increase the prop billet size and hence the prop price.
I have tried hardwoods like Ipe, and they resist pressure quite well, but are too grain sensitive to make good props. They will splinter on the slightest impact and are harder to machine than beech or maple.

On the bolt thread strain distribution:
The tensile load in the bolt tends to strain the bolt, so the thread pitch will increase slightly, to the extend, that only the very first threads do any serious load carrying. Using different (harder) steel for the bolts is not the solution, because the tensile E-modulus for all steels is nearly constant. That means, that higher tensile steel bolts can be torqued higher, but also will stretch more under the increased load, causing a larger pitch change.
The solution could be in the use of helicoils (in theory), which deform slightly, and thus distribute the load better over a larger number of threads. From a practical point of view, I hate helicoils for bolt connections that have to be loosened time and again.
Another solution can be, to reduce the bolt diameter between head and threads, so the thread section is lowly loaded. Drawback of this solution is, that the now much thinner bolt stem cannot resist the mounting torque all that well.
Yet another solution is to insert steel nuts in the back of the prop drive washer. These nuts only have a height of 0.8 times the thread diameter, so bolt stretch issues become smaller. They also allow some movement when the bolt is loaded sideways, and thus largely prevent the fatigue failure of our prop bolts if prop slippage occurs.