The actual temperature of the pad under the tank is the same as the temperature of the water, apart from a very small differential due to the glass. However as glass is a very good conductor of heat, in practise you can ignore that loss. The glass is in direct contact with the wire. The wire sits on a backing board of Pinex which then sits on your under tank insulation. This means efficiency is very good.
If the insulation is working correctly there will only be very small losses of heat under the tank.
Our pad is made up of two 150 watt elements because 150 watts meant the length of wire used was a good length to fit neatly under, and support, the tank.
A 300 watt heating pad will be on almost the same amount of time as a 300 watt internal heater in the tank, assuming the same amount of insulation for the tank. With an internal heater there will be heat loss through the bottom of the tank the same as if you were using the pad because your insulation will be the same.
As we have a well insulated house, the heater doesn't have to work too hard even in the middle of winter. In summer the heater is never on because the ambient temperature of the room is usually higher than the desired temperature of the tank. Some years we have had to turn off the lights and lift the lid (even having to drop a slikka pad in at times) to get the temperature of the tank down to a manageable level for the fishies.
I will email you both a copy of the plans.
Ira, if you have any questions you can ask Grant about it at the fish display weekend.