Heating and cooling place?
Cooling is where you would connect a fan.
So if the temp gets to X or above it turns the fan circuit on.
IF the temp drops below X, the heater curcuit turns on.
Personally i don't like the combo, because i run a dedicated phase change compressor chiller and it saves me in the long run on evaporation, and humidty in the room.
The dedicated heater one also has 2 circuits for heaters, so you can run dual heaters, incase one fails.
But i guess its all in preference, as you could run a splitter on the heater circuit. Just make sure you get the one specifically for aquariums as they are rubber coated, and do not corrode.
The beauty of the inkbird controller is your heater doesn't need to be accurate as the controller does all the controlling for it. So it cuts the power as the temp is reached, and turns on the power as the temps are below thresh hold.
So i typically set my heaters to the max possible like 80F and let the inkbird turn the curcuit on and off as needed.
I would recommend you getting the Hygger titanium heat exchanger or the BRS one tho, as they are shatter proof.
Also make sure your temp probe for the inkbird is always submerged so i typically throw it in an overflow or inside the first chamber of the sump where its never possible for the probe to be exposed to air.