> I perpetually dream of systems like this where a process might be undertaken in locations that require HVAC systems that can make use of the waste heat.
Cities are the solution there. Waste-heat from power-plants is ~200F (just under boiling), because the water needs to be steam to efficiently move a turbine. The 200F waste-water is no longer useful at turning the generators, but its still useful to pump around the city and warm up homes.
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IBM was playing around with waste-heat systems to increase the efficiency of solar panels. Solar Panels lose efficiency above 140F, which is pretty common because the sun heats up the solar panels. By running water through the panels and dropping the temperature down a bit, you end up with say, 130F water and 130F panels (increasing panel efficiency, but now you gotta deal with 130F water).
The 130F water is waste heat, but unlike New York City steamworks, its in a hot location that won't be able to use the waste-heat in a useful manner. Unfortunately, I don't think this is high enough temperature to be used for this chemical-iron process...
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That being said: Iron Fuel itself is something I haven't considered personally. But the chemical process sounds quite similar to Hydrogen Fuel / Syngas. Iron being a solid sounds like its easier to move around and store, but Hydrogen has pumping benefits (ex: hydrogen pipelines).
Chemical energy storage methodologies seem useful. There's all sorts of low-grade waste heat (130F to 200F), that's really difficult to figure out how to use. Anything, even if its like 30% or 40% efficient, will be better than the 0% efficient "Waste" that we do right now.