Photopolymers are an attractive option for large-format additive manufacturing (LFAM), because they can be formulated from structural thermosets and cure rapidly in ambient conditions under low-energy ultraviolet light-emitting diode (UV LED) lamps. Photopolymer cure is strongly influenced by the depth penetration of UV light, which can be limited in the 2–4 mm layer thicknesses typical of LFAM. Photoinitiator (PI) systems that exhibit photobleaching have proven useful in thick-section cure applications, because they generate a photoinitiation wavefront, but this effect is time-dependent. This study investigates the light transmission and through-thickness cure behavior in (meth)acrylate photopolymer formulations with the photobleaching initiator bis(2,4,6-trimethylbenzoyl)-phenylphosphine oxide (BAPO). Utilizing an optical model developed by Kenning et al., lower concentrations (0.1 wt% to 0.5 wt%) of BAPO were predicted to yield rapid onset of photoinitiation. In situ cure measurements under continuous UV LED irradiation of 380 mW/cm2 showed that a 0.1 wt% concentration of BAPO achieved peak polymerization rate within 2.5 s at a 3-mm depth. With only 1 s of irradiation at 1.7 W/cm2 intensity, the 0.1 wt% BAPO formulation also achieved the highest level of cure of the formulas tested. For an irradiation dose of 5.5 J/cm2 at a duration of 3.7 s, cured polymer specimens achieved a flexural strength of 108 MPa and a flexural modulus of 3.1 GPa. This study demonstrates the utility of optical modeling as a potential screening tool for new photopolymer formulations, primarily in identifying an upper limit to PI concentration for the desired cure depth. The results also show that photobleaching provides only a limited benefit for LFAM applications with short (1.0 s to 3.7 s) UV irradiation times and indicate that excess PI concentration can inhibit light transmission even under extended irradiation times up to 60 s.