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Thoughts...
Toyota engineers have given us a clue as to what's important with their thermos reservoir for the heated coolant in Pri models.
If you are warming just the oil (in the pan at the bottom separated from the engine by a gasket) then the engine is not pre-heating, and after a pump through the engine, the heat is extracted and it's not likely enough. There is more coolant and it's job is to transfer heat, and it runs through all the engine.
There are lots of failure and maintenance issues with an in-pan element. If you are going to only heat the oil, it is likely best but only if you time it properly. Leaving it on overnight will experience the same losses as just using an outside stick on pan heater.
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