Based on the wording of the topic question and lacking any of the metrics to individually fit a paddle (i.e. for/aft seat position, seat height, torso length, boat design/width, tube diameter, river classification and gradient of commonly paddled waters, etc.), my reply was confined to the average sized paddler, average boat, expectation of doing some raft-packing trips, and based on Class II-III paddling classification(s) waters that the vast majority of packrafters run. I get this question a lot and, believe it or not, a fair number of folks just want ONE paddle to rule them all and perform decently in all situations.
This is the primary reason I recommend 2-piece paddle versus a single or 4-piece paddle. While single-piece paddles are stronger and offer uniform flex for high-gradient whitewater, they present transportation and storage challenges. If you plan to raft-pack at all, it becomes a hand-carry affair, which if you prefer your hands free while backpacking or like to use trekking poles, this is a no-go.
On the other hand, four-piece paddles perform the poorest overall for uniform feel and are prone to mechanical failures (i.e. loose or seized ferules). I will say they are slightly easier to pack, but I have heard horror stories of folks loosing a shaft piece miles back on the trails, when it slid out of a compartment.
Given all that, I only recommend 1-piece paddles to those that paddle almost exclusively Class IV-V whitewater and 4-piece only as spare and/or raft-packing paddles. Two-piece paddles offer the perfect blend of strength, performance and pack-ability. Additionally, 2-piece paddles are available in the widest selection of blade types and sizes - many more types than 1 or 4-piece paddles.
Generally speaking, fiberglass blades are stronger than carbon or wood and all three are way stronger than plastic or nylon blades, regardless of the surface coating. So, in the cost/strength ratio fiberglass blades are the clear winner.
Some may not be aware, but “whitewater” paddles are engineered differently than “flatwater” paddles. For instance, the sidewall shaft thickness is stouter in whitewater paddles, as is the blade thickness. In addition, the shaft to blade connection is more robust. Regarding shaft material, I prefer carbon or wood , but fiberglass is decent. If you can help it, never choose an aluminum shaft paddle.
For this reason, I generally recommend a “whitewater” paddle, even though they tend to be a few ounces heavier. While it is tempting to go with a flatwater paddle to save those ounces, particularly for raft-packing, I don’t recommend it if you paddle Class III and above. I see a ton of broken AB Manta-Rays from whitewater use…just saying
The last element of the perfect paddle is the ferule design. If you plan to paddle whitewater, I do not recommend an adjustable or lever-lock ferule. While it’s nice to be able to adjust your offset (blade feathering) and even the shaft length in some cases, these type of connections are designed for flatwater use. For robust whitewater paddling a push-button slide with a single hole is recommended. If you paddle a mix of waters, leaning toward Class I-II, you might consider a three-hole ferule (45L-0-45R or 30L-0-30R offset).
Based on all this, my one “Perfect Paddle” would be a 206-220 cm 2-piece paddle, with a carbon whitewater shaft and with small-mid surface area fiberglass whitewater blades, and either a 1 (favors whitewater) or 3-hole (favors flatwater) ferrule
A more holistic and honest reply is that you’ll eventually desire a quiver of paddles, matched to the conditions and boat (+ payload) your paddling on any given trip. At the very minimum, I recommend a second 4-piece back-up paddle, where regulations or remoteness dictate.