It's definitely possible for a pro-drug to be more potent / quicker onset than the drug it produces, but it isn't typical. From a biological point of view this is usually because the pro-drug is capable of crossing the blood brain barrier more efficiently which can lead to a higher concentration in the brain. Once in the brain, then it's metabolized. Like Dr. Nichols mentioned above, this is seen with heroin and morphine. Heroin crosses the BBB more efficiently and turns into morphine. You can also find examples of this in cigarettes. There are chemicals in cigarettes that modify pH (I think lung pH but I genuinely can't remember - it's been awhile since I went over this mechanism) which helps nicotine cross the BBB. Not good for you lungs of course, but you feel a little bit higher than you would otherwise.
I don't know what's going on with 1P because it seems like, from anecdotal reports, that it's quicker and slightly more potent. Could be for any number of reasons really. It makes sense to me that 1P could be active by itself and simply metabolizes into LSD as well. The propionyl group could make the molecule slightly more hydrophobic which would help it cross the BBB, but I don't know for sure..
Edit:
A few people down below are claiming 1P lasts longer than LSD. If that's the case, then the above model makes sense in my mind. The propionyl group slightly improves hydrophobicity and membrane transport. 1P gets into the brain quicker and at a higher concentration. Converts to LSD. You perceive 100 ug of 1P to be stronger and last longer than 100 ug of LSD because you are literally getting a slightly higher dose of LSD.
Of course, that's making some assumptions. We don't even fully understand how LSD works, let alone 1P-LSD.