There's a reason the Mac Pro is designed as a wind tunnel (think jet engine). It allows for greater efficiency. The graphics cards and processors are quite energy efficient & add in across the board efficiencies from Apple's design, 450W is plenty of power. Apple is one of the best at electronic efficiency. Anyone can make a beast of a computer that runs on a 1000W power supply but to make a beautiful beast of a computer run on 450W is elegant engineering.
Your explanation sounds great, but doesn't make much sense to me on closer scrutiny.
Cooling efficiency has nothing to do with power efficiency.
Just because a system can dissipate heat quickly and with little noise doesn't mean it is efficient in using power in the first place.
The efficiency of the core power-sucking parts has nothing to do with Apple (beyond their selection of them). An intel Xeon CPU is an intel Xeon CPU, no matter if it is in a Dell Workstation or in this (admittedly brilliantly engineered) machine. Similarly, Apple has to take parts from AMD, just like other workstations. While they may have their pick of the binned parts, I doubt it would give them that much of an efficiency edge.