I have done that once. It was "interesting". I was as prepared as I could be, had the plug insert at the ready, towels, bilge pump to auto.......I pulled the sensor assembly out and was immediately mesmerized by the view through the hole. It took me a few seconds to recover, but I inserted the plug, tightened it down and cleaned the paddle wheels. The reverse process went a little smoother.
That said, I was told by an old timer at our club many years ago (and after the above experience) that the best way to keep the little critters from starting families on the paddle wheel was to clean it, then use a Q-tip to put a thin layer of marine trailer bearing grease on it all over the surface. I have been doing that every year and have had no issues with fouling.