1) The principle I learned about heat trace is that heat trace is used to provide heat to guard against freezing in an "insulated" pipe.
On previous projects, I ran a Windows program from the heat trace vendor that calculated heat loss at a minimum expected ambient temperature X in Y mph wind with a pipe with Z" of insulation with factor Ra to be maintained at b°C.
Are your pipes insulated? Have you calculated heat loss under assumed conditions? Is the self regulating tape of sufficient rating to make up the heat loss?
2) I'm not sure what you mean by 'freeze protected above 40F'. One is usually concerned about freeze protection below a certain ambient temperature, not above an ambient, like 40°F. Can I ask how you picked 40°F?
Dan