So I finally got off my lazy ass and picked up the hosing that I needed. I hooked it all up tonight and have it running now, suprisingly I have no leaks! (well I have one, but it was my fault for saying "nah, I can get away without using telfon tape!")
total project time I would estimate in the 1 hour range. Once you have all the supplies it probably takes about 40 minutes if you are new to dealing with PVC and the DIY side of things. If you had a clear layout and knew what you were doing it would probably only take 20. The other 20 minutes is spent hooking it all up (cutting hoses and what not, probably would have to do this if you got a retail inline heater anyways so I'm not sure it counts).
Of course patience is the key, you have to wait for all the glue to dry so it has to be done over the course of atleast 2 days (day one is assembling and gluing, day two is hooking everything up).
One quick note of warning should you do this! as I found out after I epoxied my heater into place, it turns out the top cap of it (it's a visi-therm stealth heater) is not water tight! I had to put some silicone on the bottom part of the heater to seal it off. I'm hoping this won't affect it's ability to detect water temp, but I'm sure I'll find out soon enough.
now, on to the important stuff, does it work! (will it really mighty my penis! SNL joke...move along). Still early in the implementation of it, but so far it seems to actually be heating faster and hotter than just sitting in the tank. The tank temp was set to around ~79.2 when it just sat in the tank. Right now it has hit the 79.8 mark and still might be rising. This could be a double edged sword, as it might not be detecting what the water temp is and will continue to heat the water indefinately. Needless to say, I'll be keeping a close eye on it if it breaks 80 degree's.