If you were to have just one piece of carbon and another material than anything with a lower elasticity would "slow" the carbon down and prevent maximum energy storage.
Also most people are not aware that even the color (camo) patterns some manufacturers are now adding to their carbon blades negatively affect the performance. Less so when it's just paint, more when it's a separate layer. General rule of thumb is stay away from carbon blades that don't display the conventional carbon pattern.
Sporasub tried to exaggerate this concept with one of its fins (the one that looks like a shoe) but they made a critical error in blade material. The plastic they chose simply couldnt hold up.
Actually the plastic blades are the only ones that could hold up for any length of time. or I should say when they break they won't break the bank. I'm going to repost from another thread:
The function of the tendons is to give the carbon blade support, and evenly distribute the stress of bending away from the footpocket. When the tendons are too soft and provide no support, the blade will bend most at one specific spot an inch or two past the foopocket, then there's a bigger possibility of it breaking in that spot. That's why this design from Sporasub has never been used for anything but plastic blades.

The C4 footpockets may seem to be a good idea because they appear to lack tendons completely. On close examination that huge flap in front of the C4 footpockets weighs just as much as conventional tendons and provides the same support.
http://www.youtube.com/watch?v=tW_GlTP_VzI
Xan, your idea about a full length blade sounds nice in theory, but the reality is that without tendons it will have the same flaw as the Sporasub running shoe fin, there will be too much stress at one point without tendons and the blade will break. I suspect it would also put a lot more stress on the ankles. The job of the footpocket and tendons is to dissipate just the right amount of energy, to not overwork the blade and ankles.