Perhaps this is an unpopular opinion, but I don't really see why you need a heater at all, regardless of the type. At the temperatures you'll be dealing with a well-tuned bike should start and run just fine. I'm probably spoiled by the easy cold starting that the Dyna ignitions help to provide, but I bet Hondaman's transistorized ignition module would have the same effect at a much lower cost, if that's an issue.
I know that oil circulation and lubrication is adversely affected by low temperatures, but using a lighter weight oil in the Winter will take care of a lot of that. Also going one step up in heat range on the spark plugs can help a lot in the Winter. That was a tip given to me my Two Tired about four years ago, and it's made a big difference in cold starting and idling.