Ranco two stage temp controller ?s

Was going to get rid of my old 1940's philco fridge.

Now I think I can give it another chance. Fermentation chamber. One 6gl bucket & Two cornelius kegs.

Im thinking about the Ranco 2 stage controler with a http://www.homebrewing.org/Brew-Heat-Pad--Fermentation-Heat-Panel_p_1279.html

?1) Since this ranco is two stage H&C is there a time or temp delay in the cycle not HCHCHCHCHC but H.....C.....H......C......H.......C.....H...... ==(..........= delay)
Or something to that pattern. Sorry a little vague its about the best I can word it. Hope you get the picture.

?2) power outage when the power comes back on will the Ranco need to be reset?

for #1...it's not a temp delay as much as it is a temp "offset". If you've set the temp to 68 degrees with a 1 degree offset (which is configurable). If it hit's 67 the heat will come on, if it hits 69 the cooling will come on. I wouldn't expect it to be frequently switching from one function to another, since you fighting the room temperature which should be consistently above or below the temp you are trying to hold. I would expect it to look more like (daytime) C...C...C...C...C... (then night time) H...H...H...H...H... Especially if you use a themowell so you are measuring the wort temperature which won't fluctuate as much as the ambient temperature.

2.) My 1 stage ranco controller would maintain it's configuration settings even if it were unplugged, so I'd expect the 2 stage controller to act the same way.