Observations/lessons learned:
Electric is waaay faster than my propane setup. Took 30 minutes to get from 66 to 152, 10 minutes to get from 152 to 168, and 15 minutes to get from 168 to boil.
Once boiling, I can maintain a good rolling boil with the power output set to 60% (in manual mode).
Although the basket looks like Swiss cheese, it does not drain well enough. If I recirculate too fast, the liquid can not drain through the holes in the basket fast enough and the level in the pot begins to rise. I compensated for this today by closing up the valve on the recirculation hose to a tiny trickle. I think I will take a saw to the basket and hack the hell out of it. (Stay tuned for pictures)
I also need to tweak the PID controller a bit more but despite my best efforts to the contrary, I was able to maintain a perfect 152 F for the duration of the mash. I did have some trouble getting the PID to raise the temp to mashout (I know that hurt my efficiency).
At the end of the day, I managed to get 69% efficiency and 6.25 gallons of 1.055 wort into the cube.
I think crushing a bit finer, opening up the holes in the basket, and stirring a bit more will get my numbers back up to where they were with my old system (82-84%).