Checked the UPS readout with some known power draws (different wattage lightbulbs etc.) and it checks out just fine, so that's not the question.
So, system idle readout is about 20-25W, all case/gpu fans low or off. There's 10 fans total; 3 case, 2 cpu, one ps, and the four on the pair of gpu's.
I can't assume the gpu fan power is included in the %TDP figure shown by monitoring, which is important because I'm running them at ~60% to keep things under 70C.
Nevertheless, with mem clock @ 3800 (P0 state +300), core +50 (base boost=1440 +50=1490 but both cards do not run this rate for whatever reason, I've seen some explanations), gpu fans set 60%@65C, the %TDP is 75% for one and 80% for the other = 112W avg, so let's call it 225W for the pair. Load reported by the UPS shows 310-320W. If the fans are drawing additional power above that (not being included in %TDP as assumed), then all the case fans, system, and PSU efficiency (80% corsair 850W) would likely make up the difference of 90W or so.
Reported hash rate is 41.5MH/s (fluctuates between 40 and 43 as is typical).
I'm not about to go further in diagnosing this, it's not that important to me and I don't have the equipment/software to pick apart every component, so there's some assumptions here. I'd still like someone to explain how 41.5MH/s @ 320W total is "impossible" with this system.