The problem is if the Pa absorbs another neutron, it no longer produces U233 and so it drops the yeild (and leads to other nasties, etc.).
This is, iirc. why the molten salt reactors are so appealing. You can run the reactor, continuously remove the Pa and let it decay into U233 which you then reintroduce into the reactor.
http://hal.archives-ouvertes.fr/docs/00/04/14/97/PDF/documen... is an interesting link discussing the feasibility of various reactor designs.
However the biggest problem with Thorium MSRs is the political issue - MSRs produce Plutionum as a side-effect, which means Thorium power-plants produce nuclear WMD materials while operating. You can't do that with PWR/BWR designs, which is one of the reasons for their popularity - companies can export those reactors without fear of countries using them for WMD production.